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On December 23, 1913, Woodrow Wilson signed the Federal Reserve Act. In the early 1900s, financial panics were frequent as people didn’t trust the safety of their bank deposits. To help stabilize the economy, Woodrow Wilson created the US Federal Reserve — a central bank independent from the federal government, with the power to print money, adjust interest rates, and require minimum cash holdings for banks. The Fed is designed to keep the economy running smoothly through booms and busts, controlling inflation and keeping unemployment as low as possible.
Video hosted by Michael Sikand.
How The Federal Reserve Was Created
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