What was the federsl reserve act designed to prevent

History

1 answer:

Rama09 [41]3 years ago

4 0

The Federal Reserve Act was designed to prevent financial crisis.

<u>Explanation:</u>

Woodrow Wilson, who is known to be the 28th president of United States have passed an act on December 23rd in the year 1913. This act is widely known as the Federal Reserve act.

This act was mainly passed to support the people of American financially by helping them establish a central banking system which they lagged. They included process like providing loan etc. It was also mainly passed to prevent financial crisis so that the people can establish a strong financial basement.

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