Copyright 2010 Pearson Addison-Wesley. All rights reserved.Chapter 15 Central Banks and the Federal Reserve SystemCopyright 2010 Pearson Addison-Wesley. All rights reserved.16- 2Origins of the Federal Reserve System Resistance to establishment of a central bank Fear of centralized power Distrust of moneyed interests No lender of last resort Nationwide bank panics on a regular basis Panic of 1907 so severe that the public was convinced a central bank was needed Federal Reserve Act of 1913 Elabora
