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 Act established the Federal Reserve System as the central banking authority of the United States. In the early 1900s, economists believed that the United States banking system needed reform.he Federal Reserve System was the answer to this perceived problem. The Act created 12 regional Federal Reserve banks located in major cities. The Act requires that any bank using the phrase National Bank in its name must be a member of the Federal Reserve System.