Question

In 1913 congress passed the Federal Reserve act the purpose of this act was to

Answer 1

The answer is:

In 1913 congress passed the Federal Reserve Act the purpose of this act was to create the Federal Reserve System which is the central banking system of the United States. It was given the authority to issue Federal Reserve Notes (known as the US Dollar) as legal tender. President Woodrow Wilson signed it into law.

Answer 2

In 1913 Congress passed the Federal Reserve Act .The purpose of this act was 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.