The Central Bank of Chile was created by decree law No. 486, 22 August 1925, under the government of President Arturo Alessandri Palma. This initiative arose as one of four projects presented that year by the Kemmerer mission. That mission, which was hired by the government of the time to restructure ChileAos monetary and financial system, was headed by Edwin Walter Kemmerer, professor of economics at the University of Princeton. The projects included the monetary law, which sought to stabilize the value of ChileAos currency and the gold standard as the basis of the countryAos monetary unit, the creation of the Central Bank of Chile, the passing of the general banking law and the general budget law.