The Fed was founded in 1913 to serve as lender of last resort to bankers during bank runs and panics.

Name: The Fed was founded in 1913 to serve as lender of last resort to bankers during bank runs and panics.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is true. The Federal Reserve System (the Fed) was indeed founded in 1913 to serve as a lender of last resort to banks during financial crises. Its original purpose was to provide a stable banking system and prevent panics and bank runs.

The Fed Was Founded in 1913 to Serve as Lender