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Federal Reserve System (FRB): The central bank of the U.S., created on Dec. 23, 1913. The four general responsibilities of the FRB are 1) Conducting the U.S.’s monetary policy; 2) Supervising and regulating financial institutions to ensure safety and soundness and protect the credit rights of consumers; 3) Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets; and 4) Providing certain financial services to the U.S. government, U.S. FIs, and foreign official institutions, overseeing the nation’s payments systems.

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