Public Law 63-43 is the landmark Federal Reserve Act of 1913, signed by President Woodrow Wilson, which established the Board of Governors of the Federal Reserve System (Federal Reserve System) (the Fed) to create a more stable and flexible U.S. central banking system with an elastic currency and better banking supervision. It provided for the creation of Federal Reserve Banks and organized the country into districts, aiming to furnish an elastic currency, facilitate rediscounting of commercial paper, and improve banking oversight.