The Federal Reserve System, commonly known as the Federal Reserve, is the central banking system of the United States. It was created by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve is an independent government agency, but it is also a quasi-public institution, as its board of governors is appointed by the President and confirmed by the Senate. Although the Federal Reserve is considered an independent agency, it is ultimately accountable to the Congress, which has the authority to alter its structure and responsibilities.
The Federal Reserve System, commonly known as the Federal Reserve, is the central banking system of the United States. It was created by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve is an independent government agency, but it is also a quasi-public institution, as its board of governors is appointed by the President and confirmed by the Senate. Although the Federal Reserve is considered an independent agency, it is ultimately accountable to the Congress, which has the authority to alter its structure and responsibilities.