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The Federal Reserve
The Federal Reserve - 14 min
The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States.
It was conceived by several of the world's leading bankers in 1910 and enacted in 1913, with the passing of the Federal Reserve Act. The passing of the Federal Reserve Act was largely a response to prior financial panics and bank runs, the most severe of which being the Panic of 1907.
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