Wilson signs the Federal Reserve Act, creating the U.S. central bank

President Woodrow Wilson signed the Federal Reserve Act on December 23, 1913, establishing the Federal Reserve System as the central bank of the United States. The law created twelve regional Federal Reserve Banks overseen by a Federal Reserve Board of presidential appointees, splitting authority between private banks and the federal government. The legislation was the centerpiece of Wilson's New Freedom economic agenda and ended decades of debate over central banking.