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The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
The Federal Reserve System is an independent government institution that has private aspects. The System is not a private organization and does not operate for the purpose of making a profit. [13] The stocks of the regional federal reserve banks are owned by the banks operating within that region and which are part of the system. [14]
The Fed is audited every year by an independent accounting firm, as well as the Government Accountability Office. Results are then published in March of the following year on the board’s website.
Western Union Telegraph Co., [5] the U.S. Supreme Court stated, "Instrumentalities like the national banks or the federal reserve banks, in which there are private interests, are not departments of the government. They are private corporations in which the government has an interest."
Some of the questions raised include: whether Congress has the Constitutional power to delegate its power to coin money (Article 1, Sec. 8, Clause 5, states: "The Congress shall have power To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures"), whether the structure of the federal reserve ...
Treasury secretary nominee Scott Bessent told Senate lawmakers Thursday that the Federal Reserve should remain independent, but that Donald Trump 'is going to make his views known' as president.
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The Fed consequently does not determine this rate directly, but has over time used various means to influence the rate. Until the 2007–2008 financial crisis, the Fed relied on open market operations, i.e. selling and buying securities in the open market to adjust the supply of reserve balances so as to keep the FFR close to the Fed's target. [8]