What We Do
The Federal Reserve System is the central bank of the United States. It was established by Woodrow Wilson and Congress through the Federal Reserve Act of 1913. The Fed’s primary function is to ensure price stability and long-term sustainable economic growth. It is also charged with keeping our banks safe through regulation and with ensuring a smooth and secure system of payments. Made up of the Board of Governors located in Washington, D.C., and 12 Reserve Banks around the country, the Federal Reserve monitors how the economy is performing in terms of job growth, sales and business inventories. The Federal Reserve Bank of Chicago is situated in the heart of the Midwest.