Federal+Reserve+Act+-+1913


 * In Woodrow Wilson's presidency, the Federal Trade Commission was introduced to control the growth of monopolies, and the Federal Reserve Act to regulate the country's money and banking system. Under Taft were proposed the Sixteenth Amendment to the Constitution, allowing a graduated income tax, and the Seventeenth Amendment, providing for the election of Senators directly by popular vote instead of by the state legislatures, as the original Constitution provided. Also at this time, a number of states passed laws regulating wages and hours, providing for safety inspection of factories and compensation for injured workmen.

The** **Federal Reserve Act (ch. 6, 38 [|Stat.] 251, [|enacted] December 23, 1913, [|12 U.S.C.] [|ch.3]) is the act of Congress that created the [|Federal Reserve System], the central banking system of the United States of America, which was signed into law by President [|Woodrow Wilson].**

about governmental control upon banking