It was established by the United States on December 23, 1913, in Washington, by Federal Reserve Act. America has responsibilities such as determining monetary policy, maintaining financial stability, solving employment problems and setting interest rates. The Federal Reserve System is independent because it can implement its decisions without the approval of any body under the control of the government. For example, it can use its power to print money without the approval of any authority. Its currency is abbreviated USD and it is the largest bank in the world.
