It was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. The House took up the issue first and passed a bill in September, after which the Senate Banking Committee began holding hearings.
"During the shop’s peak hours – from eight in the evening till around midnight – one could hardly hear oneself talk because of the boisterous chatters that went on."
