The Federal Reserve (Federal Reserve System) also known as the Fed is the central bank of the United States of America. The FED was established with the approval of the Federal Reserve Act of December 23, 1913 by the United States Congress and began its operations in 1914.
The National Monetary Commission produced up to 1911 a considerable amount of studies and analyzes on the monetary and financial system of the United States and on the monetary systems and central banks present in the various countries of the time. The Commission made several proposals for the introduction of an institution that had the task of preventing and containing any financial crises.
