According to the lecture, what was a major problem faced by banks in the West before the Federal Reserve System was established? How did the system help solve this problem?

Before the establishment of the Federal Reserve System, the West was faced with financial crises. ... This led to the set up of the Federal Reserve Act. The Federal Reserve System was created to tackle these banking issues and also to make possible fostering a sound banking system and healthy economy.

because the early people found out about it.

answer; procedural justice;