The 1907 crisis that led to the creation of the US Federal Reserve was the Panic of 1907.
The panic began after a failed attempt to corner the stock of United Copper Company. The failure spread distrust to banks and trust companies connected with the speculators, and depositors began withdrawing funds. The Knickerbocker Trust Company collapsed, intensifying the run.
The United States had no central bank able to act as a reliable lender of last resort. Financier J. P. Morgan organized private support and helped stabilize the banking system, while Treasury Secretary George Cortelyou supplied government funds. The episode demonstrated how dependent the country was on emergency private coordination.
The Aldrich–Vreeland Act of 1908 created a temporary currency system and established the National Monetary Commission. Its work helped shape the Federal Reserve Act of 1913. The Fed therefore came after the panic, not during it, and was created several years later.