Legal News for Tues 12/23 - CFPB Funding Fights, Trump DEI Crackdown Hits Limits, Mercedes $120m Settlement and IRS VDP Reform
This Day in Legal History: Federal Reserve Act
On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act into law, creating the Federal Reserve System, the central banking system of the United States. The law was the culmination of decades of debate over banking reform, intensified by the financial panic of 1907. The Act aimed to provide the country with a safer, more flexible, and more stable monetary and financial system. It established twelve regional Federal Reserve Banks overseen by a central Board in Washington, D.C., striking a balance between public oversight and…
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