I don't think this is correct.

The FED was created in 1913 for a very specific reason - to counter the Panic of 1907 by creating a banker of last resort.

It did nothing to curb the banker speculation that led to the panic of 1907

Witness LTCM, Web bubble, Subprime crisis, all fueled by banks willing to lend and overextend themselves beyond margin. The 1913 ACT did not change that one bit except make the speculators never "lose"

The FED did nothing to resolve speculation, if anything, bubbles are worse and now they are worldwide thanks to them and their low rates.