Federal Reserve
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Federal Reserve
Description:
The Federal Reserve System, also called the "Fed", is the central bank of the United States. It was created in 1913. The main purpose of the federal reserve is to regulate credit by managing the interest rate it charges for short term loans to member banks. It also acts as a clearing house for member banks, allowing banks to accept checks from other banks.
The Federal Reserve is run by a seven member Board of Governors appointed by the president. The primary responsibility of the Fed is the formation of monetary policy. The system is also made up of Federal Reserve Banks, which are spread throughout the country. They handle deposits for such items as income taxes, unemployment taxes, etc.
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