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Line 1: − + − The '''Federal Reserve''' (also known as '''The Fed''') is a central banking system that controls the monetary system of the [[United States]]. Although it acts with the authority of the [[government]], the Federal Reserve is not an official government agency. It was established by [[President]] [[Woodrow Wilson]] in 1914. Although the [[Constitution]] says that only Congress has the authority to print money, the Federal Reserve issues currency that is not based on the original [[gold standard]].[http://www.federalreserve.gov/] The Federal Reserve is headed by a Board of Governors and a Chairman. The current Chairman is [[Ben Bernanke]], his predecessor was [[Alan Greenspan]]. − − The main job of the Federal Reserve is to control [[inflation]] by regulating the [[free market]].[http://www.peterjaworski.com/Friedman] One of its main functions is to set the amount of money that banks must keep in reserve and to set the interest rates for money it lends to banks. − − Federal Reserve banks are located in [[Boston]], [[New York]], [[Philadelphia]], [[Cleveland]], [[Richmond]], [[Atlanta]], [[Chicago]], [[Kansas City]], [[St. Louis]], [[Minneapolis]], [[Dallas]], and [[San Francisco]]. − − ==References== − − − ==External Links== − :[http://www.federalreserve.gov/ Board of Governors of the Federal Reserve System] − [[category:United States]]
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[[Image:Federal Reserve.jpg|right|thumb|300px|The Federal Reserve headquarters in Washington, DC.]]
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