It touches our lives every day, but few people know much about the US Federal Reserve System (the Fed). A new video from the Atlanta Fed uses plain language to explain what the Fed is, why it is needed, and what the Fed does and doesn't do.
The video tells the riveting story of the political debate over the formation of the nation's central bank, starting in the days of George Washington's first term in office and continuing 122 years, to the brink of the First World War. Congress established the current Fed in 1913. Spend a few minutes and see how the Federal Reserve, in the words of Atlanta Fed president Raphael Bostic, "provides value and touches the public every day, in ways that improve their lives."
David Pendered
Staff writer for Economy Matters