Federal Reserve

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The Federal Reserve is an independent central bank. It was created by the Congress in 1913 for the establishment of Federal reserve banks, for providing currency, for supervision of the banking system in the United States, for providing means of rediscounting commercial paper and for other purposes. It is independent since its decisions do not have to be ratified by the President or the Congress. However while it is an independent institution, it is still accountable to the Congress. The power of coining money and setting its value was ...