 thumb|right|federal reserve the federal reserve act (ch. 6, , enacted december 23, 1913, ) is an act of congress that created and set up the federal reserve system, the central banking system of the united states of america, and granted it the legal authority to issue federal reserve notes (now commonly known as the u.s. dollar) and federal reserve bank notes as legal tender. the act was signed into law by president woodrow wilson. ==the act== the federal reserve act created a system of private and public entities; there were to be at least eight, and no more than 12, private regional federal reserve banks. twelve were established, and each had various branches, a board of directors, and district boundaries. the federal reserve board, consisting of seven members, was created as the governing body of the fed. each member is appointed by the president of the united states and confirmed by the u.s. senate. in 1935, the board was renamed and restructured. also created as part of the federal reserve system was a 12 member federal advisory committee and a single new united states currency, the federal reserve note. the federal reserve act did create a national currency, but more importantly, the act was to create a monetary system that could respond effectively to the different stresses in the banking system and create a stable financial system. along with the goal of creating a nat
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