Economic production and american industry needed a certain amount of interference and regulation by the federal government during world war i. which agency was central to such activity

The War Industry Board was critical to the regulation/interference of the US government during World War I.

The War Industry Board had several different powers including:

a) Monitoring the production of materials needed for the war effort.
b) Determined who got some of the natural resources made in the US.
c) Told companies what to produce and how much to produce.
d) The ability to fix prices.

All of these actions were meant to help the American war effort and ensure that there was no wasting of materials.