The Federal Reserve System, also known as the Fed, is the central banking system of the United States. It was created in 1913, when Congress enacted the Federal Reserve Act. The Fed’s duties today are to provide financial services to depository institutions and the U.S. government, supervise and regulate certain types of financial institutions, set monetary policy, and maintain the stability of the financial system.
Roles and Responsibilities
Currency and coin, checks, electronic payments, and financial services to the U.S. government.
Supervision & Regulation
Safety and soundness, fostering stability, and ensuring compliance in the banking industry.