The Democratic Party is responsible for first voting in the Federal Reserve act of 1913. Then the following year they gave us the income tax act of 1914. Prior to 1914 there was no federal Tax.:angry: The Federal Reserve act was suppose to put stability in The banking sector and avoid potential problems with liquidity. It actually gave us the Great Depression where many Banks have failed. Our Problems go back to Woodrow Wilson who sold us out. The Federal Reserve is a private Bank not a government entity. Its name was meant to be deceiving as well. Since most people don't even know that.