What was the federal reserve act of 1913 and what was it intended to do?

The Federal Reserve Act of 1913 established the Federal Reserve System, the central banking system of the United States. Its primary purpose was to provide the country with a safer, more flexible, and more stable monetary and financial system. The Act aimed to address issues such as bank failures and to manage the money supply and interest rates through a decentralized structure, allowing regional Federal Reserve Banks to operate independently while being overseen by a central Federal Reserve Board. This framework was intended to enhance economic stability and mitigate the risks of financial panics.