Asked by courtney mitchell on May 26, 2024
Verified
The Federal Reserve was created in 1913 after a series of bank failures in 1907.
Federal Reserve
The primary banking authority in the United States, tasked with setting monetary policy, supervising banking institutions, ensuring the stability of the financial system, and delivering financial services.
Bank Failures
The circumstance where a bank fails to meet its obligations to its depositors or creditors, leading to its insolvency or being shut down by regulatory agencies.
- Comprehend the background and justification for founding the Federal Reserve System.
Verified Answer
JD
Jarrod DavisMay 30, 2024
Final Answer :
True
Explanation :
The Federal Reserve was indeed established in 1913 as a response to the Panic of 1907 and other financial crises, with the aim of providing the United States with a safer, more flexible, and more stable monetary and financial system.
Learning Objectives
- Comprehend the background and justification for founding the Federal Reserve System.