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What is the Federal Reserve? How it works, what it does, why it matters - Business Insider

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The Federal Reserve is the central bank of the US — here's why it's so powerful and how it affects your financial life

The Federal Reserve, or "the Fed," is the central banking system of the United States, and just about everything it carries out influences your financial decisions and opportunities more than you may realize.

The Fed's mission is the same now as it was when it was established: To serve the public interest and provide the country with a safe and stable financial system. The Federal Reserve's main responsibilities include: Creating and monitoring rules for banks and financial systemsSetting certain key interest rates

The Board's other responsibilities include general guidance for the system, serving on the Federal Open Market Committee, and overseeing the 12 Reserve Banks.Compared to those of other nations, the US central bank is somewhat de-centralized. The group meets at least eight times per year and is responsible for reviewing the country's economic conditions, conducting risk assessments on economic growth, and managing the federal funds rate.

 

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