The Federal Reserve Act of 1913 created the Federal Reserve System after severe nationwide financial panics in the late 1800's, which raised fears that the U.S. financial system was unstable without a central bank -The Fed began operation in 1914 for the purpose of eliminating severe financial crises -There are twelve regional Federal Reserve Banks (Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco), which are owned by private banks within each district.
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