The Owen Glass Federal Act of 1913 was made to protect the economy by setting a Federal Reserve System. An operation that is supervised under a board in Washington D.C. They have the power to set the interest rates which is charged to the other banks by the reserve banks. The objective included of financial Danes and availability of cash from a money reserve. Twelve federal reserve banks were created that served as depositories for the cash reserve of the banks that joined the system, 12 banks were governed by a federal reserve board whose seven members were appointed by the president. The act gave the federal reserve system the authority to print the money and set the monetary policy of the U.S. They were also allowed to sell treasury