Board of Governors of the Federal Reserve System
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 led to the desire for central control of the American monetary system. Although an instrument of the U.S. government, the Federal Reserve System is considered an independent central bank due to its structural insulation from political interference. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of central bank's remit.
Institutional profile
- Name
- Board of Governors of the Federal Reserve System [1]
- Institution type
- Central bank / monetary authority [1]
- Jurisdiction / coverage
- United States of America [1]
- Established
- 1913-12-23 [2]
- Headquarters
- Eccles Building [2]
- Official website
- www.federalreserve.gov ↗ [1]
- Country in background record
- United States [2]
Institutional role and background
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 led to the desire for central control of the American monetary system. Although an instrument of the U.S. government, the Federal Reserve System is considered an independent central bank due to its structural insulation from political interference. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of central bank's remit. [3]
Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and include supervising and regulating banks, maintaining the stability of the financial system, and providing financial services to depository institutions, the U.S. government, and foreign official institutions. The Fed also conducts research into the economy and provides numerous publications, such as the Beige Book and the FRED database. [3]
The Federal Reserve System is composed of several layers. It is governed by the presidentially appointed board of governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks, located in cities throughout the nation, regulate and oversee privately owned commercial banks. The Federal Open Market Committee (FOMC) sets monetary policy by adjusting the target for the federal funds rate, which generally influences market interest rates and, in turn, the American economy via the monetary transmission mechanism. [3]
The Federal Reserve has been criticized for its approach to managing inflation, perceived lack of transparency, and its role in economic downturns. [3]
Selected introductory text by Wikipedia contributors — Federal Reserve, under CC BY-SA 4.0. Official facts are cited separately.
Institutional history
Establishment date in the institutional background record. [2]
Source-supported connections
Frequently asked questions
When was Board of Governors of the Federal Reserve System established?
1913-12-23. See the linked source for the institutional record. [2]
Where is Board of Governors of the Federal Reserve System headquartered?
Eccles Building. See the linked source for the institutional record. [2]
Board of Governors of the Federal Reserve System connection map
Select a node to inspect the relationship and source.
Links retain their source-specific meaning. Award-time affiliations and links to related reading are not claims about current appointments or economic causation.
Sources and review dates
- Reference source ↗
- Wikidata background facts (CC0) ↗
- Wikipedia contributors — Federal Reserve (CC BY-SA 4.0) ↗
Reviewed 23 October 2026. Historical dates and award-time affiliations retain their original context. A review date is not an event date. Background sources are identified separately from official records.