Assorted References. 1  American Civil War (in Remembering the American Civil War: The poetry and songs of the Civil War) 2  imagergy (in poetic imagery) 3  importance to literature (in literature: The scope of literature) 4  translation difficulties (in language: Translation)
It was created on December 23, 1913, with the enactment of the Federal Reserve Act in response to a series of financial panics (particularly the panic of 1907) that showed the need for central control of the monetary system if crises are to be avoided.
Alexander Hamilton, the first Secretary of the Treasury, conceived the idea of a central bank. After the Constitution was adopted in 1789, Congress established The First Bank of the United States, giving it power to operate from 1791 until 1811 and authorizing it to issue paper bank notes.