Federal Reserve
The Federal Reserve (sometimes called "The Fed") is the American central bank in Washington, D.C.. It was founded in 1913. It lends money to other, smaller banks. The Federal Reserve Board is a group of financial leaders who work for the Federal Reserve and decide how much to charge these banks for borrowing money (this charge is called an "interest rate"). The Federal Reserve interest rate is decided by the Federal Reserve Board after studying the condition of the U.S. economy.
When the economy is growing too fast, the Federal Reserve makes borrowing more expensive by increasing the interest rate, which means people and companies spend less, which discourages inflation. When economic growth slows, the interest rate is decreased so that borrowing will increase and there will be growth.
Federal Reserve Media
Obverse of a Federal Reserve $1 note issued in 2009
Ben Bernanke (lower right), former chairman of the Federal Reserve Board of Governors, at a House Financial Services Committee hearing on February 10, 2009. Members of the board frequently testify before congressional committees such as this one. The Senate equivalent of the House Financial Services Committee is the Senate Committee on Banking, Housing, and Urban Affairs.
Organization of the Federal Reserve System
Board of governors in April 2019, when two of the seven seats were vacant
Map of the 12 Federal Reserve Districts, with the 12 Federal Reserve Banks marked as black squares, and all Branches within each district (24 total) marked as red circles. The Washington, DC, headquarters is marked with a star. (Also, a 25th branch in Buffalo, NY, was closed in 2008.)
The 12 Reserve Banks buildings in 1936
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Other websites
Media related to Federal Reserve at Wikimedia Commons- Official website
