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date: 17 April 2021

Federal Reserve System. 

Source:
The Oxford Companion to United States History
Author(s):
Wyatt C. WellsWyatt C. Wells

Congress created the Federal Reserve System, the central bank of the United States, in 1913. It consisted of twelve regional banks and the Federal Reserve Board in Washington, which had ill-defined powers of oversight. Lawmakers expected the system to regulate the supply of money and credit (... ...

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