What is the Federal Reserve Board?
The Bankrate.com financial term of the day is: "Federal Reserve Board," or "Fed"
Sure, you've heard of the Federal Reserve Board, or Fed, and maybe you know that the people there do something with interest rates and that Wall Street seems to hang on their every word. But what's the full story? Well, the Fed is the central bank of the U.S., established by Congress in 1913. It sets the nation's monetary policy, which covers interest rates, the availability of credit and the size of the money supply.
The ultimate mission of the Federal Reserve Board, or Fed, is to maintain a strong, flexible and stable U.S. economy.
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