George Washington didn't like the idea of political parties. He called them "factions" and warned against them.
Explanation:
- George Washington in his farewell of Presidental address, advised American citizens that they should avoid political parties.
- He also said them to view it as a cohesive unit. George Washington felt that political parties will bring many risks to the government.
- He felt it will give power to the authority how as it and not to the people. It will not bring any benefits to the government and the country.
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Answer:
Congress passed the Federal Reserve Act in 1913, when the US had functioned without a central bank since 1836 because it wanted to end the numerous financial crises faced by the nation since its founding.
Primarily, the Federal Reserve Act of 1913 created the central bank of the United States. Its purposes included the printing of currency, control of money supply, maximization of employment, and the minimization of inflation.
Explanation:
The nation needed to enjoy economic stability by having a central bank that executes the monetary policies of the Federal government. The Federal Reserve Act provided the United States government with a safer, more stable, and more flexible monetary and financial system. Since its establishment, it has worked to ensure the enthronement of an efficient national payments system, flexible money supply, and effective lending/borrowing mechanism to ease liquidity crises for the facilitation of investments and industrialization of the nation.
