Founded by the Congress in 1913, the Federal Reserve System is the central bank of the United States. The organization is responsible for providing the nation with a safe, flexible and stable monetary and financial system. The Federal Reserve System regulates the nation s monetary policy by influencing credit conditions in the economy in pursuit of maximum employment, stable prices and moderate long-term interest rates. It also supervises and regulates various banking institutions in the country. The organization provides financial services to the U.S. government and depository and foreign official institutions. The Federal Reserve System supervises more than 850 state members banks and over 4,500 holding companies throughout the U.S.