According to the lecture, what was a major problem faced by banks in the West before the Federal Reserve System was established? How did the system help solve this problem?

(This question is a written response, no sentence requirement!)

Compared to his other achievements, the formation of the Texas Railroad Commission is good because the much needed regulation of railroads and such from potential extortion by corporations. This was important because it protected consumers from excessive rate costs and unfair railroad railway practices. The TRC had another goal in mind as it took pride in carefully taking care of railroads leaving room for economic growth that would positively impact the economy. Not only that, but in the future years the TRC would soon regulate much more than just railroads, soon handling pipelines along with oil and gas. Through time, the TRC also took part in several movements making Texas better. This was all because of Governer Hoggs approval and belief that the TRC was for the betterment of Texas.

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