In 1913 Congress passed the Federal Reserve Act, which created the Federal Reserve System. The Federal Reserve Act was passed to help make a more sound banking system and healthy economy. The components of this system are: the Board of Directors, 12 Federal Reserve banks and the Federal Open Market Committee. The Fed has a variety of functions, but I will only talk of a few. It acts as a bank to the banks, it functions as …
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showed last 75 words of 672 total
…and it has worked. With its variety of functions the Federal Reserve System has managed to help ensure a sound banking system and a healthy economy. Works Cited Dodwell, David William. Treasuries and Central Banks. London: P>S King & Son, LTD, 1934. Moore, Carl H. The Federal Reserve System: A History of the First 75 Years. North Carolina: McFarland & Co., Inc, 1990. US Bd. of Governors of the Federal Reserve System. The Federal Reserve System, Purposes & Functions. Washington: 1984.