Question: what was the primary purpose of the federal reserve act
Answer: The Federal Reserve System ( also known as the Federal Reserve or simply the Fed ) is the central banking system of the United States . It was created on December 23 , 1913 , with the enactment of the Federal Reserve Act , after a series of financial panics ( particularly the panic of 1907 ) led to the desire for central control of the monetary system in order to alleviate financial crises