What is the Federal Reserve Bank?

Answer:
The Federal Reserve System is

a federal government agency and is the central bank of the United States of American. The Federal Reserve System is often considered as a “bank for banks” and consists of 12 regional reserve banks.

These twelve regional reserve banks are located in Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, San Francisco, and St. Louis. These reserve banks are responsible for overseeing that the banks of its regions are in compliance with federal regulations.

The Federal Reserve System was created in 1913. The primary goal of the system was to help stabilize the economy. Currently, this goal is still a priority. Other objectives for the Federal Reserve System include stable prices, high employment, and economic growth.

According to the Board of Governors of the Federal Reserve System, “The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.”


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