| | One job of the Federal Reserve is to control [[inflation]] by regulating the [[free market]].<ref>http://web.archive.org/web/20070818201731/http://www.peterjaworski.com/Friedman</ref> 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. | | One job of the Federal Reserve is to control [[inflation]] by regulating the [[free market]].<ref>http://web.archive.org/web/20070818201731/http://www.peterjaworski.com/Friedman</ref> 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. |
| − | In 2008 the Fed became a major player in many new ways, taking over and rescuing (or not rescuing) many major banks, and making trillions of dollars of guarantees. See [[Financial Crisis of 2008]]. | + | In 2008 the Fed became a major player in many new ways, taking over several major banks (ostensibly to prevent total economic collapse) and making trillions of dollars in guarantees. See [[Financial Crisis of 2008]]. |
| | Federal Reserve banks are located in [[Boston]], [[New York]], [[Philadelphia]], [[Cleveland]], [[Richmond]], [[Atlanta]], [[Chicago]], [[Kansas City]], [[St. Louis]], [[Minneapolis]], [[Dallas]], and [[San Francisco]]. | | Federal Reserve banks are located in [[Boston]], [[New York]], [[Philadelphia]], [[Cleveland]], [[Richmond]], [[Atlanta]], [[Chicago]], [[Kansas City]], [[St. Louis]], [[Minneapolis]], [[Dallas]], and [[San Francisco]]. |