The federal reserve act of 1913 established the federal reserve system. what was the purpose of setting up the federal reserve system? to strengthen the nation’s military forces to build banks in every state to oversee and regulate commercial banks to do away with trusts

The Federal Reserve Act of 1913 established the Federal Reserve System. The purpose of setting up it was to oversee and regulate commercial banks.

Explanation:

The Federal Reserve Act was a law of the United States Congress that established the Federal Reserve, the central banking system of the United States, and granted it the legal authority to issue Federal Reserve Notes (commonly known as US dollars) and Banking Promissory Notes of the Federal Reserve as legal tender. The law was approved by President Woodrow Wilson.

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