Why is the Federal Reserve Act considered the most important law Wilson passed?
A) It instituted the first income tax, which still exists today.
B) It settled disputes among Democrats and Republicans.
C) It imposed necessary controls on banks, and still exists today.
D) It won him great public admiration, securing his second term.
E) It made the United States the richest country in the world.

Question

Quizplus · Accepted Answer

The Federal Reserve Act established the Federal Reserve System, which introduced a central banking system in the United States. This system imposed necessary controls on banks to manage the economy and prevent financial crises, and it remains a fundamental part of the U.S. financial system today.

Why Is the Federal Reserve Act Considered the Most Important