Question

What did the Federal Reserve Act create? (a)It enforced conservation of land and created monuments. (b)It supported 10 national banks in the nation without a central banking system. (c)It created a centralized banking system for our nation. (d)It created a federal income tax. (e)It prohibited child labor.

Answer 1

The correct answer is C) It created a centralized banking system for our nation.

The Federal Reserve Act created a centralized banking system for our nation.

The US Congress passed the Federal Reserve Act of 1913 to create the central bank of the United States with the establishment of the Federal Reserve System. This legislation aimed to maintain the monetary and economic stability of the country. President Woodrow Wilson signed the law and authorizing 12 Federal Reserved banks to print money, always maintaining inflation rates low and generating jobs for the American people.

Answer 2

Federal Reserve Act created a centralized banking system for our nation.

Further Explanations:

Federal Reserve act of 1913 was applied by Woodrow Wilson on 23rd December 1913 that led to the formation of the Central Banking system of America. It was put into effect by the United States 63rd Congress after the dread of 1907.

The “Economical Panic” that happened in 1907 comforted the requirement for a “Central Banking System” that America was lacking since the banking war of 1830. Subsequent to the Presidential election of 1912, Congressman Carter Glass and Robert Owen the senator drafted a bill for the institution of a central bank that would entitle private dominance over the banking system. The bill also received backing from the progressives   William Jennings Bryan and many others who preferred control of administration over the banking system. Wilson made it sure for the bill to be passed from both the houses devoid of any revisions and also made it his “New Freedom” domestic agenda.

The act carried both inland and transnational implications for the monetary system of the United States as it presides and regulates the inflation and checks of currency exchange in the US. It also created 12 regional Federal Banks, responsible for monitoring the currency supply as lender of last resort.

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Answer Details

Grade: High school

Subject: US History

Chapter:Federal Reserve system

Keywords: Federal Reserve Act, Woodrow Wilson, Federal Reserve System, Central Banking system, United  States, Carter Glass, Robert Broney Owen, William Jennings Bryan, 63rd Congress, Economical Panic, Central Banking System,