Which system was established in 1913 to supervise banking and commerce?

The Federal Reserve System was established in 1913 to provide a central bank that would supervise the banking sector and regulate commerce in the United States. The creation of the Federal Reserve was a response to financial panics and a need for a more stable and secure banking system. It aimed to mitigate the risks associated with bank failures and to manage monetary policy to foster economic stability and growth.

The Federal Reserve plays a crucial role in managing the country's money supply, setting interest rates, and acting as a lender of last resort to banks in times of crisis. This system effectively oversees and regulates commercial banks, ensuring that they operate safely and soundly, which in turn supports the broader economy.

The other options do not accurately reflect the comprehensive role or the timeline of the Federal Reserve's establishment. Various banking reforms and acts preceded the Federal Reserve, but they did not create a central supervisory structure as the Federal Reserve does. Hence, the Federal Reserve System is recognized as the correct answer for its foundational importance in regulating both banking and commerce in the United States beginning in 1913.