Which institution is the central bank of the United States, created by Congress in 1913?

The Federal Reserve System is the central bank of the United States, created by Congress in 1913.

The Federal Reserve Act was signed by President Woodrow Wilson on December 23, 1913. The system was designed to provide a more stable currency and banking system after repeated financial panics, especially the Panic of 1907.

The Federal Reserve is organized around a Board of Governors in Washington, D.C., and 12 regional Federal Reserve Banks. Its responsibilities include setting monetary policy, supervising banks, and supporting the stability of the financial system.

The Federal Reserve is sometimes called the Fed. It is different from the U.S. Treasury, which manages federal finances but is not the country’s central bank.