The '''Federal Reserve''' (also known as '''The Fed''') is a central [[bank]] 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, but was never approved by [[Congress]].[http://www.federalreserve.gov/generalinfo/fract/] 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''' (also known as '''The Fed''') is a central [[bank]] 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, but was never approved by [[Congress]].[http://www.federalreserve.gov/generalinfo/fract/] 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/] |