Which central bank was created in the United States after the Panic of 1907?

The Federal Reserve System was created in the United States after the Panic of 1907.

The Panic of 1907 demonstrated how quickly bank and trust-company runs could spread when no institution was responsible for supplying emergency liquidity. J. P. Morgan and other private financiers helped stabilize the market, but their intervention highlighted the weakness of relying on one banker’s personal authority during a national crisis.

Congress established the National Monetary Commission to study banking systems abroad. Its work contributed to the Federal Reserve Act, signed by President Woodrow Wilson on December 23, 1913. The Federal Reserve was designed as a central banking system with a Board in Washington and regional Reserve Banks. It was not created immediately during the panic itself, and it did not exist in 1907. The Federal Deposit Insurance Corporation is another common mix-up: the FDIC was created later, in 1933, during the banking crisis of the Great Depression.