In 1913, Albert Einstein was working on his new theory of gravity, Richard Nixon was born, and Franklin D. Roosevelt was sworn in as assistant secretary of the Navy. It was also the year Woodrow Wilson took the oath of office as the 28th President of the United States, intent on advocating progressive reform and change. One of his biggest reforms occurred on December 23, 1913, when he signed the Federal Reserve Act into law. This landmark legislation created the Federal Reserve System, the nation’s central bank.