The Federal Reserve is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act. The act was signed into law by President Woodrow Wilson.
The primary mandate of the Federal Reserve is to promote stability in the financial markets and foster economic growth. The Federal Reserve is governed by a seven-member Board of Governors, which is appointed by the president of the United States and confirmed by the Senate. The Board of Governors is responsible for setting monetary policy.
The Federal Reserve has a significant impact on the US economy. It sets interest rates, which can influence inflation and economic growth. It also regulates the banking system and provides liquidity to the financial markets.
The president of the United States has some influence over the Federal Reserve, but not as much as Congress or the Board of Governors. The president can appoint members of the Board of Governors, but the Senate must confirm them. The president can also veto any changes to the Federal Reserve Act that Congress enacts.