On 23 December 1913, President Woodrow Wilson signed the Federal Reserve Act into law, a landmark decision that established the Federal Reserve System as the United States' central banking authority.
Aimed at addressing financial instability and providing a safer, more flexible, and stable monetary system, the Act represented a culmination of efforts to reform the nation's banking structure in the wake of recurrent economic panics.
By creating a decentralised network of Federal Reserve Banks and a central governing Board, the Act empowered the new institution to manage the country's money supply, oversee member banks, and stabilise credit during times of economic strain, marking a pivotal moment in American economic history.
