The Federal Reserve System is composed of: a. The U.S. Federal Reserve banking system was created in 1913 by a group of bankers. The 1913 Federal Reserve Act created the current Federal Reserve System and introduced a central bank to oversee U.S. monetary policy. The law that created them passed Congress a century ago, on Dec. 23, 1913. Federal Reserve Act of 1913 On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act into law. The men who led the newly created Federal Reserve banks. A particularly severe panic in 1907 resulted in bank runs that wreaked havoc on the fragile banking system and ultimately led Congress in 1913 to write the Federal Reserve Act. But Congress wanted the Fed to have 12 regional banks to represent America's diverse regions. The landmark legislation created the Federal Reserve, which was intended to reform the country’s banking system and help secure economic stability. The Federal Reserve system as it exists today is not quite the same creature that was produced in 1913. 1913 c. 1909 d. 1945. 1913: The Federal Reserve System is Born From December 1912 to December 1913, the Glass-Willis proposal was hotly debated, molded and reshaped. The Federal Reserve System was created by Congress in 1913. At that time, President Woodrow Wilson wanted a government-appointed central board. So here are some coincidences: The Federal Reserve is created in 1913, then in 1914 we have World War 1. Five branches with clear responsibilities b. The two most important changes occurred in response to the Great Depression and to the mini-crisis of the late 1970's. 1929 b. It's just a name, like Federal Express. (Photo by Harris & Ewing) The Federal Reserve was created in: a. The system has undergone rare, but susbstantial overhauls over the years. Now that the Federal Reserve was firmly in place, schemes had to be constructed to get the government to borrow so a continuously growing national debt would happen. B. more Monetary Accord of 1951 Six branches with overlapping responsibilities c. Three branches with overlapping responsibilities d. Twelve branches with clear responsibilities The Federal Reserve is an independent entity established by the Federal Reserve Act of 1913. The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. It is not federal in the sense of being owned by the government. On Dec. 23, 1913, then in 1914 we have World 1... 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