The banking panic of 1907 and the resulting cash shortage led to the formation of the

Question

Quizplus · Accepted Answer

The banking panic of 1907 exposed the weaknesses of the U.S. banking system, and prompted the development of a central banking system that could provide stability to the financial system. This led to the creation of the Federal Reserve System in 1913. The Comptroller of the Currency was established in 1863 and is responsible for chartering, regulating, and supervising all national banks. The gold standard for currency was established in 1900 and the Fort Knox repository was not created until 1937. The FDIC was created in 1933 to insure bank deposits.

The Banking Panic of 1907 and the Resulting Cash Shortage