What institution was created in 1913 after lessons drawn from the Panic of 1907?

The Federal Reserve was created in 1913 after lessons drawn from the Panic of 1907.

The Panic of 1907 began after a failed attempt to corner the stock of United Copper Company. Runs on banks and trust companies followed, and the crisis spread through financial markets. J. P. Morgan personally helped organize emergency support for threatened institutions because the United States had no modern central bank.

The episode convinced many policymakers that the financial system needed a lender of last resort and a more elastic supply of currency. The National Monetary Commission studied banking systems abroad, and its work contributed to the Federal Reserve Act of 1913.

The Federal Reserve was not created immediately during the panic; it opened in 1914. It is also different from the FDIC, which was established in 1933 to insure deposits. The Panic of 1907 therefore influenced institutional reform, even though the crash itself was not simply caused by the absence of one agency.