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On This Day In History December 23, 1913 Thumbnail

On This Day In History December 23, 1913

You probably hear about the Federal Reserve in the news quite a bit, but did you know when it was established?


December 23, 1913


On this day in history, President Woodrow Wilson signed the Federal Reserve Act into law to create a decentralized central bank to,balance the competing interests of private banks and populist sentiment. After JP Morgan's death earlier that year, the US realized he would not be around to bailout the financial system again like he did in 1907.

Source: Federal Reserve Education

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