The US Federal Reserve

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a.k.a. "The Fed"

Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components) banking system composed of the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; the Federal Open Market Committee; twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; numerous private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and various advisory councils.

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