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Central banking system of the US
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the American monetary system. Although an instrument of the U.S. government, the Federal Reserve System is considered an independent central bank due to its structural insulation from political interference.
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The Fed’s inspector general did fault the central bank’s board for mismanaging costs. Trump blamed ex-chair Jerome Powell and said he “should be forced to resign.”
If Trump tries to fire the former Fed chair, it would revive doubts about central bank officials’ protection against removal by presidents over monetary policy disagreements.