Industry: Bank

The Federal Reserve System is the central banking system of the United States of America. 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 monetary system in order to alleviate financial crises. Bank rate: 2.50% Chairperson: Jerome Powell Child agency: Federal Open Market Committee Interest rate target: 2.00% to 2.25% Interest on reserves: 2.20% Founder: United States Congress

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