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Federal Reserve Bank (the Fed)

The Federal Reserve Bank is the central banking system in the United States. It was created in 1913 by the Federal Reserve Act, in response to a series of financial panics or bank runs, especially a severe bank panic in 1907. Duties of the Fed include:

  • conducting the nation's monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates.
  • supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers.
  • maintaining the stability of the financial system and containing systemic risk that may arise in financial markets.
  • providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system.

 

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