Explain the primary reasons for the establishment of the federal reserve system. Who established the fed

The Federal Reserve System was initiated to control the process of monetary and financial activities of the US Economy. It is established by the then President Woodrow Wilson under the Federal Reserve Act (1913).

Explanation:

The US Economy is considered the wealthiest economy in the world. The US nation witnessed many technological development advancements that took place from a traditional system to the modern system. So the flow of money supply and liquidation increased the count of all types of industries as well as employment opportunities simultaneously.

The objective of the Federal Reserve System is mainly focused on managing and controlling the adverse effects of inflation and deflation by ensuring the sound financial and monetary system as well as the rate of economic growth periodically.