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The Federal Reserve (Fed) is the central banking system of the United States and is run by a board of governors that oversees 12 regional Federal Reserve Banks. Its primary goals are to regulate the nation's private banks and manage the overall money supply in order to keep the inflation rate and the employment rate stable. The Federal Reserve Board is accountable to the U.S. Congress, not the president.

Source: https://www.investopedia.com/articles/economics/08/treasury-fed-reserve.asp