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 Federal Reserve was created by the U.S. Congress in 1913. Before that, the U.S. lacked any formal organization for studying and implementing monetary policy. Consequently markets were often unstable and the public had very little faith in the banking system.he Fed is headed by a government agency in Washington known as the Board of Governors of the Federal Reserve. The Board of Governors consists of seven presidential appointees, each of whom serves 14 year terms.