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

The Federal Reserve Act of 1913 established the Federal Reserve System, the central banking authority of the United States. It was intended to provide a safer, more flexible, and stable monetary and financial system. The Act aimed to address issues such as bank failures and financial panics by creating a centralized bank that could manage the nation's money supply and serve as a lender of last resort. Overall, it sought to enhance the economy's stability and improve the regulation of banks.