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Step-by-step explanation:
The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.The Federal Reserve System in the U.S. conducts the nation's monetary policy and regulates its banking institutions. The system is comprised of 12 regional reserve member banks, each of which focuses on its particular geographical zone, in coordination with the New York Fed.