The Federal Reserve Act of 1913: Definition & Overview


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question 1 of 3

Which was one of the most important reasons the Federal Reserve Act of 1913 was enacted by Congress?

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1. What are the Fed's two primary roles?

2. Who runs the Fed?

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About This Quiz & Worksheet

This quiz on the Federal Reserve Act of 1913 and its creation of the Federal Reserve System has been designed to improve your comprehension of the topics discussed in our complimentary lesson. Learn even more about the structure of the Fed and how it works to make sure the country stays on track.

Quiz & Worksheet Goals

This worksheet and quiz will help you better understand:

  • Catalyst for the Federal Reserve Act of 1913
  • Federal Reserve System's economic functions
  • Regional Federal Reserve Banks
  • Federal Open Market Committee

Skills Practiced

Use these skills when working with the worksheet and quiz:

  • Critical thinking - apply relevant concepts to examine information about the role of the Federal Reserve System in a different light
  • Knowledge application - use your knowledge to answer questions about the impetus for the Federal Reserve Act of 1913
  • Information recall - access the knowledge you've gained regarding who runs the Fed's operations

Additional Learning

The corresponding lesson on the Federalist Reserve Act of 1913 will prepare you to:

  • Describe the makeup of each of the Fed's three components
  • Explain the roles of Board of Governors, the regional Federal Reserve Banks, and the Federal Open Market Committee
  • Discuss the purpose of a governmental regulatory force for the economy