Which U.S. institution was created in 1913 partly after the Panic of 1907 exposed weaknesses in the banking system?

The Federal Reserve System was created in 1913 partly after the Panic of 1907 exposed weaknesses in the U.S. banking system.

The Panic began after an unsuccessful attempt to corner the stock of United Copper Company. A run on the Knickerbocker Trust Company in New York spread fear through financial markets, and private banker J. P. Morgan helped organize emergency support for the banking system.

The crisis demonstrated that the United States lacked a permanent central bank able to provide elastic currency and act as lender of last resort. Congress responded with the Federal Reserve Act, signed by President Woodrow Wilson on December 23, 1913.

The Federal Reserve did not exist during the Panic itself. The Federal Reserve System later became the U.S. central bank, with responsibilities that include monetary policy, financial stability, and supervision of some banking institutions.