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Federal Reserve: Difference between revisions
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{{Organization | |||
{{Organization | |||
|OrganizationName=Federal Reserve System | |OrganizationName=Federal Reserve System | ||
|OrganizationType=Independent Agencies | |OrganizationType=Independent Agencies | ||
|Mission=To promote the stability, integrity, and efficiency of the U.S. economy and financial system. It achieves this by conducting monetary policy, supervising financial institutions, fostering payment and settlement system safety, and promoting consumer protection and community development. | |Mission=To promote the stability, integrity, and efficiency of the U.S. economy and financial system. It achieves this by conducting monetary policy, supervising financial institutions, fostering payment and settlement system safety, and promoting consumer protection and community development. | ||
|ParentOrganization=United States Government (Independent) | |ParentOrganization=United States Government (Independent) | ||
|CreationLegislation=Federal Reserve Act of 1913 | |CreationLegislation=Federal Reserve Act of 1913 | ||
|HeadquartersLocation=38. | |Employees=19000 | ||
|Budget=Not publicly specified as a whole but self-funding through operations | |||
|OrganizationExecutive=Chair of the Federal Reserve (Board of Governors) | |||
|Services=Monetary policy; bank supervision; financial stability; payment services; currency issuance; economic research; | |||
|HeadquartersLocation=38.89222, -77.04496 | |||
|HeadquartersAddress=20th St and Constitution Ave NW, Washington, DC 20551 (Board of Governors) | |HeadquartersAddress=20th St and Constitution Ave NW, Washington, DC 20551 (Board of Governors) | ||
|Website=https://www.federalreserve.gov | |||
}} | }} | ||
{{Short description|Central banking system of the US}} | |||
The '''Federal Reserve System''' (often shortened to the '''Federal Reserve''', or simply '''the Fed''') is the central banking system of the [[United States]]. It was created on December 23, 1913, with the enactment of the [[Federal Reserve Act]], after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.{{Refn|group=list|name=need|<ref name="mnglass"/><ref name="initial"/><ref>{{Harvnb|BoG|2005 | pp=1–2}}</ref><ref name="FDS-H-04"/><ref name="FDS-H-05"/><ref name="FDS-H-06"/>}} Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.<ref name="initial" /><ref>{{Harvnb|BoG|2005 | pp=1}} "It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded."; {{Cite book |last=Patrick |first=Sue C. |title=Reform of the Federal Reserve System in the Early 1930s: The Politics of Money and Banking |publisher=Garland |year=1993 |isbn=978-0-8153-0970-3}}</ref> | The '''Federal Reserve System''' (often shortened to the '''Federal Reserve''', or simply '''the Fed''') is the central banking system of the [[United States]]. It was created on December 23, 1913, with the enactment of the [[Federal Reserve Act]], after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.{{Refn|group=list|name=need|<ref name="mnglass"/><ref name="initial"/><ref>{{Harvnb|BoG|2005 | pp=1–2}}</ref><ref name="FDS-H-04"/><ref name="FDS-H-05"/><ref name="FDS-H-06"/>}} Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.<ref name="initial" /><ref>{{Harvnb|BoG|2005 | pp=1}} "It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded."; {{Cite book |last=Patrick |first=Sue C. |title=Reform of the Federal Reserve System in the Early 1930s: The Politics of Money and Banking |publisher=Garland |year=1993 |isbn=978-0-8153-0970-3}}</ref> | ||