Answer:
The "Federal Reserve System" that was created by the Congress in 1913 has some special responsibilities. The responsibilities primarily include the supply of money and credit; regulating and supervision of the financial institutions; serving as a bank for the government of the United States; sending payments to the public through the depository banks.
The Federal Reserve’s comprises of the "Board of Governors" in "Washington D.C." and the 12 regions Reserve Banks. It has three major functions:
a. Conduct the monetary policy.
b. Maintain an effective and efficient payment system.
c. Supervise and regulate the banking operations.