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Creation of the Federal Reserve
The U.S. stock markets crashed hard from 1906 to 1907, dropping from 75.45 points to 38.83 points. The panic brought about talk of a central bank for the third time in the nation’s history. In 1908, congress passed the Aldrich-Vreeland Act, which created the National Monetary Commission to study ideas on how to create a national bank.
The report, completed in 1912, formed the basis of the 1913 Federal Reserve Act, which created the Federal Reserve System after President Wilson signed it. Nearly 100 years later, it’s still around as the sole government-authorized supplier of U.S. currency.