Federal Reserve History

Formation of the Federal Reserve

The Federal Reserve System is the central bank of the United States. Congress created the Federal Reserve through a law passed in 1913, charging it with a responsibility to foster a sound banking system and a healthy economy. This remains, today, the broad mission of the Fed and its component parts: the 12 Federal Reserve Banks nationwide, each serving a specific region of the country; and the Board of Governors in Washington, D.C., established to oversee the Fed System.

The Districts

Evolution of the Fed

 

 
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The Region: Interview with Michael Woodford