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 twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nationâs central banking system, are organized much like private corporationsâpossibly leading to some confusion about âownership.â For example, the Reserve Banks issue shares of stock to member banks.