The Federal Reserve was created in December 23, 1913, by the Federal Reserve Act, signed by the President Woodrow Wilson. The Federal Reserve was created with the purpose to regulate banks. Before the Federal Reserve was created the banks were making their own money, latter the people lost faith in money. The bankersâ€™ bank or the central bank of the US (The Federal Reserve) helps the county to stabilize economy. The Federal Reserve was created by the congress, and it consists of 12 districts and the Board of Governors.
Board of Governors
7 Governors that are appointed by the president and confirmed by the Senate.
Federal Reserve System
Federal Reserve Banks
12 districts Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco.
The Federal Reserve conducts monetary policy by controlling money flow. These actions help keep our economy stable by regulate banks, keep prices stable and maximizing employment.