Federal Reserve
The Unites States Federal Reserve
The United States Federal Reserve was created in 1913 through the Federal Reserve Act, passed by Congress and signed into law by President Woodrow Wilson. Its primary purpose is to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve plays a critical role in regulating banks, managing inflation, and maintaining economic stability through monetary policy tools.
- The Federal Reserve is made up of the Board of Governors in Washington, D.C., and twelve regional Reserve Banks across the country, functioning as a central banking system.
- Although independent in its decision-making, the Federal Reserve must report to Congress and works in coordination with the executive and legislative branches without direct control from them, preserving its autonomy while remaining accountable.
- Decisions by the Federal Reserve, such as changes to interest rates or the money supply, directly impact employment, mortgage rates, consumer prices, and overall economic confidence in the daily lives of Americans.
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