The Federal Reserve Act of 1913 set up the Federal Reserve System as the national bank of the United States to give the country a more secure, increasingly adaptable, and progressively stable fiscal and money related framework. The law sets out the reasons, structure, and elements of the System just as layouts parts of its activities and responsibility. Congress has the ability to change the Federal Reserve Act, which it has completed a few times throughout the years.
The Federalists prominently worried about mob rule in the United States, writing about it throughout their Federalists papers. As such, Federalists wanted calm enlightened educated elites to run the country on behalf of all citizens.
