Federal Reserve System

Ashley Gocke

When and why was the FRS established?

The Federal Reserve System was established on December 23, 1913. It's main goal was to address banking panics. Also to:

  • Furnish an elastic currency
  • Afford means of rediscounting commercial paper
  • To establish a more effective supervision of banking in the U.S.

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Duties

The FRS is responsible for:


  • Addressing banking panics
  • It serves as the central bank for the U.S
  • Conducting monetary policy
  • Acting as a lender for the nation's banks
  • Facilitating the collection and clearance of checks
  • Acting as a fiscal agent for the United States Treasury


Unique Structures

The unique structures include:

  • A federal government agency, or the Board of Governors, in Washington DC
  • 12 regional Reserve Banks

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