A major reform of American banking was achieved in 1913 with passage of the
A)Federal Deposit Insurance Corporation.
B)Economy Act.
C)Federal Securities Act.
D)Federal Reserve Act.
E)Currency Act.

Question

Quizplus · Accepted Answer

The Federal Reserve Act of 1913 created the Federal Reserve System as a response to financial panics, to stabilize the economy, and to provide a more effective supervision of banking in the United States. The other options listed were also important pieces of legislation, but they did not represent a major reform of American banking like the Federal Reserve Act.

A Major Reform of American Banking Was Achieved in 1913