Which 1913 U.S. law created the Federal Reserve System?

The Federal Reserve Act created the Federal Reserve System in 1913.

President Woodrow Wilson signed the act on December 23, 1913, after years of debate about how the United States should organize its banking and currency system. The law established a central banking structure with a Federal Reserve Board in Washington and regional Reserve Banks.

The system was designed to provide a more elastic currency, supervise banks, and act as a lender of last resort. Its decentralized structure reflected American concerns about concentrating too much financial power in a single institution.

The Federal Reserve differs from the U.S. Treasury, which is a government department responsible for fiscal operations. The act also predates the FDIC, which was established by the Banking Act of 1933 during the Great Depression.