Economics & Industry

Federal Reserve Bank of the United States Opens

The Federal Reserve Bank officially opened its doors, establishing a central banking system to provide stability to the U.S. economy. Designed to address banking panics and ensure a safer financial system, the Federal Reserve began operations in Washington, D.C., with the aim of regulating monetary supply and serving as a lender of last resort. By harmonizing various regional banks, it sought to facilitate smoother economic adjustments and enhance the nation's financial resources.

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