Federal Reserve System

The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913 by the Federal Reserve Act. It is not owned by anyone but has a Board of Govenors in Washington D.C. who report directly to the Congress and is an agency of the federal government.

The Board of Governors are appointed by the President and confirmed by the Senate. The Board oversees the 12 Reserve Banks. The Federal Reserve Bank or "The Fed" was formed by Congress to make the economy more stable and reliable by making policies and regulating the banking industry.