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Article: Federal Reserve System, U.S.
- Article from:
- International Encyclopedia of the Social Sciences
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Federal Reserve System, U.S.
FEDERAL RESERVE BANKS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL OPEN MARKET COMMITTEE (FOMC)
BIBLIOGRAPHY
Of all the central banks in the world, the Federal Reserve System (
“
the Fed
”
) has one of the most unusual structures. The historic hostility of the American public to banks and centralized authority (which resulted in the demise in 1811 and 1832 of the first two experiments with central banking, the First and Second Bank of the United States) led the U.S. Congress to write an elaborate system of checks and balances into the Federal Reserve Act of 1913, which created the Federal Reserve System with its twelve regional Federal ...