The Federal Reserve is the central bank of the United States of America, established in 1913 to oversee banking operations in the United States. The bank was formed with the passage of the Federal Reserve in 1913 in response to a series of financial crises that highlighted the need for central control of the monetary system.
It is made up of 12 central banks as sponsors of the Federal Reserve and is considered private and independent by US law, but some government decisions interfere with their activities.
