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.. It created a federal income tax. D. It prohibited child labor.

I think the correct answer among the choices listed above is option C. The Federal Reserve Act created a centralized banking system for the United States. It is promotes safer, faster and reliable financial system to the nation. Hope this answers the question.

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avantikar avantikar · Answer 2 · 2019-10-16T13:49:06+02:00

Federal Reserve Act created a centralized banking system for our nation.

Further Explanation:

The Federal Reserve Act created an authority which issues Federal Reserve notes as the legal tender. This act was signed by the then President Woodrow Wilson. The act created a Federal reserve system. It was created on 23 December 1913.

The purpose of the act is to provide a flexible, stable and safe and monitory financial system. Some of the functions and responsibilities of the Federal Reserve is influencing the demand and supply of money, supervising, regulating the financial institutions. It serves as the financial and banking agent for the government of the USA.

It also offers payment service facilities to the public by depository institutions like credit facilities. This Act was passed by the 63rd United States Congress. The Act established the central banking system. The system contains 12 Regional Federal Reserve Bank which is jointly responsible for managing the supply of money, providing loans. It serves as a lender in the last resort.

The later amendments done in the act requires Federal Reserve to encourage effectively the goal of maximum employment, modern interest rate and pricestability. There is a total of 31 sections in the Act. The act has undergone many changes and amendments since its implementation.

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Answer Details:

Grade: High School

Subject: Political Science

Keywords: Federal Reserve notes, legal tender, flexible, stable, safer, monetary and financial system, demand and supply of money, supervising, regulating, Fiscal and banking agent, providing loans, price stability, 31 sections.