One of the most important squid-spawning areas in Monterey Bay is a wide, flat, sandy area directly offshore of Monterey's Fisherman's Wharf. This area is a convenient fishing spot for the Monterey fishing fleet and a convenient feeding spot for the large packs of sea lions that hang out on Monterey Breakwater in May.
President Woodrow Wilson signed the Federal Reserve Act on December 23, 1913. The Act established the Federal Reserve System to oversee the nationâs money supply and provide an âelasticâ currency that could expand and contract in response to the economyâs changing demand for money and credit.Congress also empowered Federal Reserve Banks to issue Federal Reserve notes.he Act established the Federal Reserve System to oversee the nationâs money supply and provide an âelasticâ currency that could expand and contract in response to the economyâs changing demand for money and credit.
The Federal Reserve Act was a part of the banking and currency reform plan advocated by President Wilson in 1913. The chairmen of the House and Senate Banking and Currency committees sponsored this legislation; representative Carter Glass, a Democrat of Virginia and Senator Robert Latham Owen, a Democrat of Oklahoma.he Federal Reserve Act created a system of private and public entities; there were to be at least eight, and no more than 12, private regional Federal Reserve banks.