Which year was the Federal Reserve System created?

The Federal Reserve System was created in 1913 as a response to a series of financial panics, particularly the panic of 1907. This central banking system was established to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve plays a crucial role in managing the country’s monetary policy, supervising and regulating banks, maintaining financial stability, and providing financial services. The year 1913 is significant because it marks the beginning of a more structured approach to U.S. banking and monetary regulation, which continues to shape economic policy today. Understanding the establishment of the Federal Reserve is essential for grasping the evolution of monetary policy and its impact on the economy.