The Federal Reserve
Profile America — Friday, December 23rd. An organization that has been in the news a lot with this year’s continuing economic woes — and which affects each one of us — observes the anniversary of its founding today. The Federal Reserve System, known simply as “The Fed,” came into being in 1913, with the job of keeping the nation’s complex financial system in tune. Acting as the nation’s central bank, “The Fed” influences the lending and investing activities of all banks, along with the availability of money and credit. Seven-out-of-10 U.S. families have credit cards. They average two cards per household and make new charges of $200 per month. More than half carry a median balance of $2,000 from month to month. You can find these and more facts about America from the U.S. Census Bureau online at <www.census.gov>.
Sources: Chase’s Calendar of Events 2011, p. 609
Statistical Abstract of the United States 2012, t. 1172, 1189