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The Federal Reserve was founded after which financial panic?

A2008
B1907
C1929
D1987
Answer & Solution
Correct answer: B. 1907
1. Many banks failed in bank runs. 2. The 1907 Panic led to the Fed. 3. It was to be the lender of last resort. _Source: OpenStax Principles of Macroeconomics for AP Courses 2e, Chapter 14, Monetary Policy and Bank Regulation (CC BY 4.0)._
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