who created the federal reserve

The Federal Reserve was created by the Federal Reserve Act, which was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. Key individuals involved in its creation included President Wilson, Congressman Carter Glass, and Senator Robert Latham Owen, who introduced the legislation to establish the central bank system. The Act created the Federal Reserve System with twelve regional Federal Reserve Banks and a Federal Reserve Board of Governors appointed by the president. The creation was a response to financial panics, especially the panic of 1907, and aimed at stabilizing the American banking system and introducing an elastic currency under government oversight, although the system also included private bank influence. This was part of Wilson's New Freedom agenda in domestic policy.