Social Studies

What was established in 1913 as the central bank of the United States? A. the Democratic Bank of the United States B. the Federal Reserve System C. the Second National Bank of the United States D. the Federal Deposit Insurance Corporation

(1) Answers

The correct answer is the Federal Reserve system: answer B. It was established with an act of 1913 and it replaced a previous system of national banks which were the banking institutions of the US from 1863. The reason for a change was a financial panic of 1907

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