The Federal Reserve is the central bank of the United States of America. The main responsibilities of the Fed are:
- Ensuring stability in the financial system
- Regulation of the banking industry
- Protecting the rights and deposits of customers
- Implement monetary policy
- Finance the US government
The Federal Reserve sets interest rates, controls the money supply, enforces regulation and acts as a lender of last resort. The head of the Federal Reserve is called the Chairman of the Board of Governors and as of October 2011, the Chairman is Ben Bernanke.