Which 1907 financial panic led to the creation of the U.S. Federal Reserve?

The Panic of 1907 led to the creation of the U.S. Federal Reserve.

The panic began after an attempt to corner the stock of United Copper Company failed. Depositors then withdrew funds from trust companies, especially Knickerbocker Trust in New York, producing a banking crisis and a sharp stock-market decline. The crisis spread because the United States had no central bank able to provide emergency liquidity.

Financier J. P. Morgan organized private support for banks and trust companies, helping stabilize the system. The episode convinced many policymakers that the country needed a permanent lender of last resort. Congress created the National Monetary Commission, whose work contributed to the Federal Reserve Act of 1913. The Federal Reserve began operations in 1914, several years after the panic itself.