In 1913, Congress and the President did not envision that the Fed would control

Question

Quizplus · Accepted Answer

When the Federal Reserve System was created in 1913, Congress and the President did not envision that it would have such broad control over most aspects of money and the banking system. The Fed's role has evolved and expanded over the years to include not only controlling the money supply and providing discount loans but also serving as a lender-of-last-resort and supervising and regulating banks and other financial institutions.

In 1913, Congress and the President Did Not Envision That