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The Chemistry and Energy of Life

  • Felix Lessambo
Chapter
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Abstract

The Federal Reserve Bank is the central bank of the United States. It does not conduct commercial banking activities; rather, the Federal Reserve role consists of maintaining stable economic growth. The Federal Reserve originated from the Owen-Glass1 bill introduced in both houses of Congress and became law in December 1913. From its inception, the Federal Reserve was assigned three key purposes: (a) to provide an elastic supply of currency; (b) to provide a means to discount commercial credits; and (c) to supervise and regulate the nation's banks. Later on, as a result of changes in our modern economy and needs, the Federal Reserve has been assigned to provide full employment as well. The US Federal Reserve System and its Federal Reserve Board is the most powerful central bank in the world.2

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Copyright information

© Felix Lessambo 2013

Authors and Affiliations

  • Felix Lessambo
    • 1
  1. 1.St John’ UniversityNew YorkUSA

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