When it was passed in 1913, the Federal Reserve Act
A) gave the country a central banking system for the first time since Andrew Jackson.
B) decentralized and democratized the federal banking system.
C) removed America from the gold standard for the first time.
D) immediately weakened the power of the great New York banks.

Question

Quizplus · Accepted Answer

The Federal Reserve Act of 1913 established the Federal Reserve System, providing the United States with a central banking system for the first time since the Second Bank of the United States was dissolved under Andrew Jackson in 1836.

When It Was Passed in 1913, the Federal Reserve Act