 The final report of the National Monetary Commission was published on January 11 , 1911 . For nearly two years legislators debated the proposal and it was not until December 23 , 1913 , that Congress passed the Federal Reserve Act . President Woodrow Wilson signed the legislation immediately and the legislation was enacted on the same day , December 23 , 1913 , creating the Federal Reserve System . Charles Hamlin became the Fed 's first chairman , and none other than Morgan 's deputy Benjamin Strong became president of the Federal Reserve Bank of New York , the most important regional bank with a permanent seat on the Federal Open Market Committee . 
