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. 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. At that time, President Woodrow Wilson wanted a government-appointed central board. It is not federal in the sense of being owned by the government. (Photo by Harris & Ewing) The 1913 Federal Reserve Act created the current Federal Reserve System and introduced a central bank to oversee U.S. monetary policy. The Federal Reserve System is composed of: a. 1913: The Federal Reserve System is Born From December 1912 to December 1913, the Glass-Willis proposal was hotly debated, molded and reshaped. 1929 b. The men who led the newly created Federal Reserve banks. But Congress wanted the Fed to have 12 regional banks to represent America's diverse regions. So here are some coincidences: The Federal Reserve is created in 1913, then in 1914 we have World War 1. The U.S. Federal Reserve banking system was created in 1913 by a group of bankers. Six branches with overlapping responsibilities c. Three branches with overlapping responsibilities d. Twelve branches with clear responsibilities Five branches with clear responsibilities b. B. The Federal Reserve System was created by Congress in 1913. Federal Reserve Act of 1913 On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act into law. The system has undergone rare, but susbstantial overhauls over the years. The two most important changes occurred in response to the Great Depression and to the mini-crisis of the late 1970's. It's just a name, like Federal Express. more Monetary Accord of 1951 The Federal Reserve was created in: a. The Federal Reserve is an independent entity established by the Federal Reserve Act of 1913. The law that created them passed Congress a century ago, on Dec. 23, 1913. The Federal Reserve system as it exists today is not quite the same creature that was produced in 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. 1913 c. 1909 d. 1945. The landmark legislation created the Federal Reserve, which was intended to reform the countryâs banking system and help secure economic stability. A government-appointed central board Dec. 23, 1913 time, President Woodrow Wilson wanted a government-appointed central board to... 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