It is Uncertain. This would need Congress to alter the Federal Reserve Act, which might offer chances for political interests to meddle with the monetary policy process.
What did the Federal Reserve Act intend to accomplish?
- President Woodrow Wilson's 1913 Federal Reserve Act granted the Fed the power to issue money and the means to implement policies that would promote economic stability.
- The dual mission was established by the Federal Reserve System to increase employment and maintain stable prices.
- It was established by Congress to give the country a more secure, adaptable, and stable financial and monetary system.
- President Woodrow Wilson signed the Federal Reserve Act into law on December 23, 1913, establishing the Federal Reserve.
- It is unknown. Congress would need to amend the Federal Reserve Act in order to do this, which might present opportunities for political interests to interfere with the formulation of monetary policy.
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