Federal Reserve System

The Federal Reserve System is the central bank of the United States. Established in 1913, it conducts the nation's monetary policy, aiming to promote maximum employment and stable prices, and works to support the health and stability of the U.S. economy and financial system. The system operates independently within the federal government while remaining accountable to Congress.

The institution is structured around a Board of Governors in Washington, D.C., whose seven members are nominated by the President and confirmed by the Senate, and 12 Federal Reserve Banks that serve as operating arms across as many districts in the United States. Its work spans five key functions: monetary policy; financial system stability oversight, including monitoring risks and responding to emergencies; supervision and regulation of financial institutions to ensure their safety and soundness; fostering the safety and efficiency of payment and settlement systems; and consumer protection and community development, covering fair lending enforcement and economic education initiatives.

The Federal Reserve continuously gathers and analyses economic data from across the nation and abroad. Its decisions are intended to reflect current economic conditions as well as the perspectives of households, communities and businesses, in service of a mandate to serve all Americans. Work spans fields including monetary policy, banking supervision, payment systems, consumer finance and community development.