Why did Congress pass the Federal Reserve Act in 1913, when the US had functioned without a central bank since 1836?

Congress passed the Federal Reserve Act in 1913, when the US had functioned without a central bank since 1836 because it wanted to end the numerous financial crises faced by the nation since its founding.

Primarily, the Federal Reserve Act of 1913 created the central bank of the United States.  Its purposes included the printing of currency, control of money supply, maximization of employment, and the minimization of inflation.

Explanation:

The nation needed to enjoy economic stability by having a central bank that executes the monetary policies of the Federal government.  The Federal Reserve Act provided the United States government with a safer, more stable, and more flexible monetary and financial system.  Since its establishment, it has worked to ensure the enthronement of an efficient national payments system, flexible money supply, and effective lending/borrowing mechanism to ease liquidity crises for the facilitation of investments and industrialization of the nation.