1913 Federal Reserve Act
Categories: Banking, Econ, Ethics/Morals, Regulations, Stocks
It established the Fed... or Federal Reserve System. Before the 1913 Act, panics were a regular thang in the U.S., and the FRS was a kind of financial buffer for when things go oh so wrong... and they do all the time.
Through monetary policy, The Fed tweaks interest rates and bank reserve requirements to goose or dampen heat in the American economic system. Its apostles are the 12 "branch" Federal Reserve Banks, each of which are empowered to print money more or less at the drop of a hat, with the collective goal of creating stability, boredom, and dullness in our economy. The 1913 Federal Reserve Act was authored by Princeton's Woodie Woo (ok, Woodrow Wilson, but our version sounds so much more fun).