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===Federal Reserve System=== {{main|Federal Reserve}} [[File:Member Federal Reserve System plaque.png|thumb|The [[Federal Reserve System|Federal Reserve]] is the [[central bank]] of the United States.]] The [[central bank]]ing system of the United States, called the [[Federal Reserve System]], was created in 1913 by the enactment of the [[Federal Reserve Act]], largely in response to a series of financial panics, particularly a severe [[Panic of 1907|panic in 1907]].<ref name="mnglass">{{cite web|url=https://www.minneapolisfed.org/pubs/region/88-08/reg888a.cfm|title=Born of a panic: Forming the Federal Reserve System|date=August 1, 1988|publisher=[[Federal Reserve Bank of Minneapolis]]|access-date=May 18, 2016|archive-url=https://web.archive.org/web/20080516102508/http://minneapolisfed.org/pubs/region/88-08/reg888a.cfm|archive-date=May 16, 2008|url-status=dead|df=mdy-all}}</ref><ref name="initial">{{cite book|url=https://mises.org/Books/historyofmoney.pdf|title=A History of Money and Banking in the United States: The Colonial Era to World War II|last=Rothbard|first=Murray|publisher=Ludwig von Mises Institute|year=2002|isbn=0-945466-33-1|location=[[Auburn, Alabama]]|pages=36β37|quote=Just before the founding of the Federal Reserve, the nation was plagued with [[financial crises]]. At times, these crises led to 'panics', in which people raced to their banks to withdraw their deposits. A particularly severe panic in 1907 resulted in bank runs that wreaked havoc on the fragile banking system and ultimately led Congress in 1913 to write the Federal Reserve Act. Initially created to address these banking panics, the Federal Reserve is now charged with a number of broader responsibilities, including fostering a sound banking system and a healthy economy.|author-link=Murray Rothbard|access-date=2014-02-20}}</ref> Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved.<ref name="initial2">{{cite book|title=A History of Money and Banking in the United States: The Colonial Era to World War II|last=Rothbard|first=Murray|quote=It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.}}</ref> Events such as the [[Great Depression]] were major factors leading to changes in the system.<ref name="patrick">{{cite book|title=Reform of the Federal Reserve System in the Early 1930s: The Politics of Money and Banking|last=Patrick|first=Sue C.|publisher=Garland Press|year=1993|isbn=978-0-8153-0970-3}}</ref> Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to [[depository institution]]s, the [[U.S. government]], and foreign official institutions.<ref name="mission">{{cite web|url=http://www.federalreserve.gov/generalinfo/mission/default.htm|title=Mission|date=November 6, 2009|publisher=Board of Governors of the Federal Reserve System|access-date=2014-02-20}}</ref><!-- Do not copy and paste content from Federal Reserve system, there is a {{MA}} link to it. This section should just be a brief overview of its content. -->
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