TheFederal Reserve System is the central banking system of the United States. It was created in 1913 by the Federal Reserve Act to provide a stable monetary and financial system for the country. The Federal Reserve System consists of a Board of Governors in Washington, D.C., twelve regional Federal Reserve Banks located in major cities across the country, and numerous member banks.

The Federal Reserve has several key responsibilities, including conducting monetary policy, supervising and regulating banks, providing financial services to the U.S. government, and maintaining the stability of the financial system. The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System, responsible for setting monetary policy to achieve the Fed's dual mandate of maximum employment and stable prices.

Overall, the Federal Reserve plays a crucial role in the U.S. economy and financial system, and its decisions and actions can have a significant impact on businesses, financial markets, and individuals alike.