December 23, 1913: The U.S. Senate signed into law the Federal Reserve Act. Before this date, the United States was one of the only major financial powers without a central bank, having to turn to wealthy benefactors in 1907, particularly J.P. Morgan, to help bail the government out of financial crises. Realizing the nation could not rely on the wealthy to fund the country, President Woodrow Wilson encouraged Congress to “enact banking and currency reform.” In March 1913, the Senate created the Banking and Currency Committee in response to Wilson’s request. On December 23, 1913, both houses agreed on a final version of the bill and it was signed into law by President Wilson.