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Federal Reserve System (view source)
Revision as of 22:49, January 31, 2011
, 22:49, January 31, 2011Cut unclear text from intro: "Although it acts with the authority of the government, the Federal Reserve is not an official government agency."
[[Image:Federal Reserve.jpg|right|thumb|300px|The Federal Reserve headquarters in Washington, DC.]]
[[Image:Federal Reserve.jpg|right|thumb|300px|The Federal Reserve headquarters in Washington, DC.]]
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 the Federal Reserve Act, which was passed by Congress and signed into law by [[President]] [[Woodrow Wilson]] in 1913. The Federal Reserve is headed by a Board of Governors and a Chairman. The current Chairman is [[Ben Bernanke]], a Republican appointed by President [[George W. Bush]]; his predecessor was [[Alan Greenspan]], a Republican appointed by President [[Ronald Reagan]].
The '''Federal Reserve''' (also known as '''The Fed''') is a central banking system that controls the monetary system of the [[United States]]. It was established by the Federal Reserve Act, which was passed by Congress and signed into law by [[President]] [[Woodrow Wilson]] in 1913. The Federal Reserve is headed by a Board of Governors and a Chairman. The current Chairman is [[Ben Bernanke]], a Republican appointed by President [[George W. Bush]]; his predecessor was [[Alan Greenspan]], a Republican appointed by President [[Ronald Reagan]].
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.