Why Was the Fed Created in 1913 and Why Is

question 27

Essay

Why was the Fed created in 1913 and why is it so important in economic policy?

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Definitions:

Partnership Business

A business owned and operated by two or more individuals who share its profits and liabilities.

Duty Of Care

The duty of all persons, as established by tort law, to exercise a reasonable amount of care in their dealings with others. Failure to exercise due care, which is normally determined by the “reasonable person standard,” constitutes the tort of negligence.

Jointly And Severally

A legal term referring to a situation where two or more parties are held both together and individually responsible for an obligation.

Obligations

Duties or commitments imposed by law, contract, or moral responsibility.