Federal Reserve Bank

The Federal Reserve, often referred to as the Fed, is the central banking system of the United States. It was created by the Federal Reserve Act of 1913 to provide the country with stable monetary and financial stability. One of the primary roles of the Federal Reserve is to control the money supply and implement monetary policy to achieve stable prices and full employment. The Federal Reserve supervises and regulates banks and financial institutions to ensure their safety. The Fed operates payment systems that facilitate the smooth functioning of the U.S. financial system. This includes services like check clearing, electronic funds transfers, and the development of new payment technologies. The Federal Reserve plays a crucial role in safeguarding the stability of the financial system. The Fed is also has the role of monitoring currency values and exchanges so nobody gets scammed in case of travel. The Federal Reserve System consists of twelve regional banks, known as Federal Reserve Banks, which are located in major cities across the United States. The most prominent of these is the Federal Reserve Bank of New York. Each of these regional banks, along with the Board of Governors in Washington, D.C., plays a role in implementing the policies and functions of the Federal Reserve The Federal Reserve banks operates independently within the framework of U.S. government oversight and is led by a Board of Governors appointed by the President and confirmed by the Senate.