The Federal Reserve, the central bank of the United States, was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve's duties fall into four general areas: (1) conducting the nation's monetary policy; (2) supervising and regulating banking institutions and protecting the credit rights of consumers; (3) maintaining the stability of the financial system; and (4) providing certain financial services to the U.S. government, the …
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…of the world's economy (Greenspan 2004). <Tab/> References Braumann, B. (May 2000). Real Effects of High Inflation. Western Hemisphere Department. Retrieved June 24, 2004 from www.imf.org/external/pubs/ft/wp/2000/wp0085.pdf. Colander, D, (2004). Macroeconomics (5th ed., University of Phoenix). Irwin/McGraw-Hill, 2004 Burr Ridge, IL. Greenspan, A. (April 2004) Testimony of Alan Greenspan. The Economic outlook. Before the Joint Economic Committee, U.S. Senate. Retrieved June 24, 2004 from www.federalreserve.gov/boarddocs/testimony/2004.20040421/default.htm