The Federal Reserve Act became law on December 23, 1913 by President Woodrow Wilson after the law was voted in by Congress. There were 12 central banks set up by the Federal Reserve situated across America. These banks formed a nationwide system used to enable assistance in the event crises were to develop in the future, within the American financial system.

During the Great Depression the single largest mistake made in recovery efforts was calling in substantial amounts of the currency by the Federal Reserve. The backlash from lack of available funds caused massive business shutdowns which resulted in massive unemployment across America...

Read More