Question

What did the Federal Reserve Act create?
a It enforced conservation of land and created monuments.
b It supported 10 national banks in the nation without a central banking system.
c It created a centralized banking system for our nation.
d It created a federal income tax.
e It prohibited child labor.

Answer 1

It created a centralized banking system for our nation (The Act was signed by Woodrow Wilson and allowed for the creation of the standardized US dollar. )

Answer 2

The answer is C. The Federal Reserve Act created a centralized banking system for our nation.

The Federal Reserve act was established in 1913 with the purpose of creating a new monetary and financial system that was safer and more stable. For that purpose it founded the Federal Reserve System as the central bank of the country.