Ricky PaetACCT 522 4PM10/21/2011The Federal Reserve SystemThe Federal Reserve System is the central banking system in the United States. It was created on December 23, 1913 through the enactment of the Federal Reserve Act. The primary responsibilities of the Federal Reserve System today include: conducting the nation's monetary policy, supervision and regulation banking institutions, maintaining the stability of the financial system and providing financial services to depository institutions, the U.S. government, and foreign official institutions. The Federal Reserve is independent within government, meaning its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government. However, its authority is derived from the U.S. Congress and is subject to congressional oversight.The Federal Reserve Act gave the Federal Reserve the authority to regulate the monetary policy. Monetary policy refers to the actions the Federal Reserve takes to influence the
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