Final answer:
The Federal Reserve Act of 1913 aimed to prevent financial panics in the US by establishing the Federal Reserve System as the central bank.
Explanation:
The Federal Reserve Act of 1913 was designed to prevent financial panics in the United States by creating the Federal Reserve System as the central bank. The act aimed to provide greater regulation and stability to the nation's banking system, acting as a lender of last resort during crises to prevent widespread bank failures and depositor losses.
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