United States Federal Reserve System

Federal Reserve
Brief History

Established in 1914 under Federal Reserve Act of 1913. Set up to provide for establishment of federal reserve banks and to exercise various central bank powers and functions including banking supervision, collection and clearance. The Federal Reserve System comprises: Board of Governors, the Federal Open Market Committee, the 12 Federal Reserve banks and their 25 branches; and the Federal Advisory Council and Consumer Advisory Council.


Jerome H. Powell
Terms of appointment

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