One of the most important squid-spawning areas in Monterey Bay is a wide, flat, sandy area directly offshore of Monterey's Fisherman's Wharf. This area is a convenient fishing spot for the Monterey fishing fleet and a convenient feeding spot for the large packs of sea lions that hang out on Monterey Breakwater in May.
President Woodrow Wilson signed the Federal Reserve Act on December 23, 1913. The Act established the Federal Reserve System to oversee the nationâs money supply and provide an âelasticâ currency that could expand and contract in response to the economyâs changing demand for money and credit.Congress also empowered Federal Reserve Banks to issue Federal Reserve notes.he Act established the Federal Reserve System to oversee the nationâs money supply and provide an âelasticâ currency that could expand and contract in response to the economyâs changing demand for money and credit.
The Structure and Functions of the Federal Reserve System The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded. Test your knowledge about the Federal Reserve through these quizzes.