A series of bank failures and a cash shortage in 1907 led to the establishment of the Federal Reserve System in 1913.

Name: A series of bank failures and a cash shortage in 1907 led to the establishment of the Federal Reserve System in 1913.
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This statement is true. The panic of 1907 highlighted the need for a lender of last resort and a more stable banking system, leading to the creation of the Federal Reserve System in 1913.

A Series of Bank Failures and a Cash Shortage in 1907