The American Financial System in 1913

In 1913, the American financial system received the Federal Reserve central bank, the Internal Revenue Service, and the Department of Labor. This was the year that the American financial system changed, forever. The IRS was illegal in 1913 until the 16th Amendment was ratified in February. Then on the same day that Woodrow Wilson was inaugurated, Taft signed the bill creating the Department of Labor. A few months into his presidency, Wilson signed the Revenue Act which instituted an income tax for the first time since the 16th Amendment was passed. And finally in December 1913, Wilson passed the Federal Reserve Act, officially creating a central bank.

Why was 1913 such an important year in American history? Let us know in the comments.

Please like this video and subscribe to the channel for more videos like this one.

#federalreserve #irs #centralbanking #shorts #16thamendment #taft #woodrowwilson #1913 #departmentoflabor #americanhistory #history