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Does the U.S need the Federal Reserve? Why?
This is a big question why should United States have to have Federal Reserve. At the first
Federal Reserve in United State is the central bank where the Federal Reserve or called
Fed was founded on December 23, 1913. The President Woodrow Wilson as founded and
also Federal Reserve have important function in banking industries because become
central bank for banking around United States, and also the Federal Reserve was created
because the government of United States trying to find solution how to avoid the financial
panic and then prevent the inflation related with the financial economic development. The
Federal Reserve operated by board of 7 (seven) members that specified by president and
confessional by senate. In the United States, the Federal Reserve has 12 board of Federal
Reserve around the country and also they have twenty-five branches in the all part of
United States. A Federal Reserve is a privately owned corporation created to the Federal
Reserve Act to serve the public interest, it is governed by a board of nine directors, six of
whom are elected by the member banks and three of whom are appointed by the Board of
Governors of the Federal Reserve System. The 12 Federal Reserve banks are located in
Boston; New York City; Philadelphia; Chicago; San Francisco; Cleveland, Ohio;
Richmond, Virginia; Atlanta, Georgia; St. Louis, Missouri; Minneapolis, Minnesota;
Kansas City, Missouri; and Dallas, Texas.
So this is really important for United States need the Federal reserve, is not because as
