Sensing this danger, the original Federal Reserve Act of 1913 prohibited the Fed from buying or holding government debt.

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There will be many events commemorating the signing of the Federal Reserve Act in December 1913.

FORBES: End The Fed, Or Celebrate Its Existence? Reflections On Our Central Bank's 100th Anniversary

The Federal Reserve was set up in 1913 to act as lender of last resort.

ECONOMIST: Charlemagne

Hence, on December 23, 1913, during the term of President Woodrow Wilson, Congress passed the Federal Reserve Act and the Fed was born.

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