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What did the Federal Reserve Act create?

A.It enforced conservation of land and created monuments.

B.It supported 10 national banks in the nation without a central banking system.

C.It created a centralized banking system for our nation.

D.It created a federal income tax.

E.It prohibited child labor.

Verified Answer :

francocanacari

The correct answer is C. The Federal Reserve Act created a centralized banking system for the United States.

The Federal Reserve Act, enacted in December 23rd of 1913, established the Federal Reserve, which is the central banking system of the United States, and granted it the legal authority to issue Federal Reserve Notes (commonly known as United States dollars) and Banking Promissory Notes of the Federal Reserve as legal tender. The law was approved by President Woodrow Wilson.

Federal Reserve Act created a centralized banking system for our nation.


Further Explanations:

Federal Reserve act of 1913 was applied by Woodrow Wilson on 23rd December 1913 that led to the formation of the Central Banking system of America. It was put into effect by the United States63rd Congress after the dread of 1907.


The “Economical Panic” that happened in 1907 comforted the requirement for a “Central Banking System” in America. Subsequent to the Presidential election of 1912, Congressman Carter Glass and Robert Broney Owen the senator drafted a bill for the institution of a central bank that wouldentitle private dominance over the banking system. The bill also received backing from the progressives  William Jennings Bryanand many others who preferred control of administration over the banking system. Wilson made it sure for the bill to be passed from both the houses devoid of any revisions.

The act carried both inland and transnational implications for the monetary system of the United States as it presides and regulates the inflation and checksof currency exchange inthe US.

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Answer Details

Grade: High school

Subject: US History

Chapter:Federal Reserve system

Keywords: Federal Reserve Act, Woodrow Wilson, Federal Reserve System, Central Banking system, United  States, Carter Glass, Robert Broney Owen, William Jennings Bryan, 63rd Congress, Economical Panic, Central Banking System




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