The Federal Reserve System is the independent central banking system of the United States, established in 1913 to manage the nation's monetary system. Governed by a presidentially appointed board, it utilizes twelve regional banks and the Federal Open Market Committee to oversee commercial banks, conduct monetary policy, and maintain financial stability. Its primary objectives include maximizing employment, stabilizing prices, and moderating long-term interest rates, though it faces ongoing criticism regarding its transparency and economic influence.
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