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We humbly refer you to the official Federal Reserve web site, which hosts this helpful FAQ covering the history and goals of this government agency. The Federal Reserve is the central bank of the U.S. government and was established in 1913. Broadly put, it has four primary aims: - Conducting the nation's monetary policy.
- Regulating banking institutions.
- Maintaining the stability of the U.S. economy.
- Providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions.
The Federal Reserve, affectionately known as "The Fed," pops up in the news every month or so when Chairman Alan Greenspan announces the results of an economic study or a new interest-rate change. Interest rates are currently at a 41-year low, in an effort to kick start the moribund economy. It's a unique organization (self-described as "independent within the government") that is subject to legislative oversight but can make decisions without ratification from Congress. You can learn more about its policies in the Federal Reserve System category of the Yahoo! Directory. The Washington Post also maintains a dedicated Federal
Reserve report.
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