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.
The Federal Reserve System was established in accordance with the Federal Reserve Act of December 23, 1913. According to the act, there would be between eight and twelve Federal Reserve banks, each functioning as the central bank for its district.he Federal Reserve System was established in accordance with the Federal Reserve Act of December 23, 1913. According to the act, there would be between eight and twelve Federal Reserve banks, each functioning as the central bank for its district.