The Federal Reserve System
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The Federal Reserve System, commonly called the Federal Reserve, or more simply, the Fed, functions as a central bank for the United States of America. The U.S. Congress created the Federal Reserve in 1913, in order to provide the country with a modern, stable, and flexible financial and monetary system. During the ensuing years, the Fed's role has evolved with the passage of several federal laws.
The primary responsibilities of the Federal Reserve are to guide the U.S. economy through monetary policy, to regulate and supervise the banking system, and to provide private banks with financial services.
The Federal Reserve System consists of a Board of Governors, the Federal Open Market Committee, and twelve regional Federal Reserve Banks. The regional Reserve Banks (and their branches) deal with the day-to-day operation of the U.S. banking system, including its payment systems and its currency distribution activities.
For more information about this federal financial institution, visit the official Federal Reserve System site, the Federal Reserve Kids Page, and this Federal Reserve information website.
Tags: federal, reserve, bank, board, fed, banking, banks, system, central,
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