When was the Federal Reserve established?

When was the Federal Reserve established?
Congress created the Federal Reserve System in 1913 to help make the U.S. banking system
safer and more efficient.
How many Federal Reserve Banks are there?
There are twelve Federal Reserve Banks. Each of the twelve Reserve Banks serves its own
Federal Reserve District.
Where is the headquarters for the Federal Reserve?
The System’s headquarters is in Washington, D.C. It is called the Board of Governors of the
Federal Reserve System.
Does the Federal Reserve lend money to businesses and consumers?
No. The Federal Reserve does not lend money to private borrowers, but it sometimes lends
money to banks when the need arises.
Does the Federal Reserve print U.S. paper money?
No. Although Federal Reserve Notes account for almost 100 percent of the U.S. paper money
in circulation, the notes are actually printed by the Bureau of Engraving and Printing, which
is part of the U.S. Treasury Department. The paper money is then shipped to the Federal
Reserve Banks and their branches. When banks need cash for their customers’ needs, they
order it from the Federal Reserve Bank in their District. Also, since money gradually wears out,
the Federal Reserve Banks process cash in order to determine its fitness. Worn out bills are
shredded; new bills are introduced into the system to replace the old ones.
Do all Federal Reserve Banks store gold bars in their vaults?
Only the Federal Reserve Bank of New York has a working gold vault, and almost all of the
gold in its vault is foreign-owned. The U.S. government’s gold is held at Fort Knox, Kentucky,
the U.S. Mints in Denver and Philadelphia, the San Francisco Assay Office of the U.S. Mint,
and the U.S. Bullion Depository in West Point, New York.
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