US
By The Anand Market
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The Federal Reserve System (also known as Fed) is the central bank of the United States. It was founded to provide the country with a safe, flexible, and stable monetary and financial system.
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Federal Reserve is governed by the presidentially-appointed board of governors or FRB. It is usually responsible for the formulation of monetary policy and the regulation of member banks
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Fed is composed of 12 regional Federal Reserve Banks that are each responsible for a specific geographic area of the US. Fed has a board that is comprised of 7 members.
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The 12 Federal Reserve regional banks are located in Boston, Atlanta, Chicago, Philadelphia, Cleveland, Dallas, Minneapolis, Kansas City, New York, Richmond, San Francisco and St. Louis.
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The Federal Reserve is an independent entity established by the Federal Reserve Act of 1913. The board and FOMC make the Fed's decisions independently based on research.
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The Fed's main duties include conducting national monetary policy, supervising and regulating banks, maintaining financial stability, and providing banking services.
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Fed's main income source is interest charges on a range of US government securities it has acquired through its open market operations (OMO).
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