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Federal Reserve System (FED)
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Federal Reserve System (FED)

by Aisha MeyerMay 13, 2017
Overview
Abbreviation

FED

Founded

December 23, 1913

Headquarters

Washington, D.C, United States

Phone Number

For other inquiries, or to speak with an operator: 202-452-3000

Website

https://www.federalreserve.gov/

Federal Reserve System (FED)

The Federal Reserve System (also known as 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 in response to a series of financial panics (particularly the panic of 1907) that showed the need for central control of the monetary system if crises are to be avoided. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s led to the expansion of the roles and responsibilities of the Federal Reserve System.

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About The Community Member
Aisha Meyer
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and usually also prints the national currency, which usually serves as the state's legal tender.

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