The Federal Reserve System consists of three entities ... according to a page on the Federal Reserve website. Functions of the Federal Reserve One of the major functions of the Federal Reserve ...

In 1913, Congress created the Federal Reserve Act, which established the Federal Reserve system as we know it. President Woodrow Wilson signed the act into law on December 23, 1913. When the Fed ...

The system served as a quasi lender of next-to-last resort (after the Federal Reserve) to banks, thrifts, insurance companies, and credit unions that otherwise could have failed due to the ...