Which of the following statements about the Federal Reserve System (the Fed) is correct?
A) The Fed was established by George Washington and Alexander Hamilton in 1793.
B) Congress created the Fed in 1913.
C) The Fed was established in 1933, during the famous "Hundred Days" of the New Deal.
D) Richard Nixon established the Fed in 1969 as an attempt to gain more White House control over monetary policy.
E) The Fed was established by Herbert Hoover as a weak attempt at warding off the Great Depression.

Question

Quizplus · Accepted Answer

Congress created the Federal Reserve System in 1913 with the passage of the Federal Reserve Act.

Which of the Following Statements About the Federal Reserve System