Federal reserve system
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The Federal Reserve System is the central banking system of the United States. It was established in 1913 by the Federal Reserve System Act.
Although formally the Federal Reserve System (FRS) is independent and its decisions do not require governmental approval, its structure is designed to make it responsible to the government and the people of the US. The FRS Board of Governors defends the federal government interests, while federal banks represent the private sector because their presidents are chosen from the local population. Moreover, the FRS is a self-funding institution, which makes it even more independent from the government.
