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 1913 Federal Reserve Act was a U.S. legislation that created the current Federal Reserve System. The Federal Reserve Act intended to establish a form of economic stability in the United States through the introduction of the Central Bank, which would be in charge of monetary policy.