Federal Reserve Act

December 23, 1913

Federal Reserve Act

A nation needs a central banking system in order to allow each state to work as part of the whole. After several failures throughout the years, Carter Glass and H. Parker Willis spent December 1912 to December 1913 working on a proposal that would accommodate the whole country. After debates and compromises, President Woodrow Wilson signed the Federal Reserve Act into law on December 23, 1913.

http://www.federalreserveeducation.org/about-the-fed/history/