The Federal Reserve System

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The Federal Reserve System (FRS) was created by Congress to provide the nation with a securer, more flexible, more constant financial system. The Federal Reserve System was established in 1913 with the purpose of supervising banking in the United States. Today, the
Federal Reserve’s duties fall into four zones: conducting the nation’s monetary policy, regulating banking institutions, maintaining the stability of the financial system, and providing certain financial services to: the U.S. government, public, financial institutions and to foreign institutions. The structure of the Federal Reserve was designed by Congress to give it a broad view on the economy and economic activity in all parts of the nation. The FRS is comprised of a central government agency; The Board of Governors; in Washington D.C., and
12 regional Reserve Banks, located in major cities around the nation.
The Federal Reserve’s income comes from the interest on U.S. government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments. Once the Federal Reserve has paid its expenses, it then turns over the rest of its earnings to the U.S. Treasury. The Federal Reserve’s accountability is to
Congress. Legislation requires that the Fed report annually on its activities to the Speaker of the House of Representatives and twice annually on its plans for monetary policy to the banking committees of Congress. To ensure financial accountability, the financial statements of the Federal Reserve Banks are audited annually by an independent outside auditor.
: conducting the nation’s monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices, regulating banking institutions to ensure the safety of the nation’s banking and financial system and to protect the credit rights of consumers, maintaining the stability of the financial system and providing

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