- published: 06 Jul 2014
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The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system.
The Congress established three key objectives for monetary policy—maximum employment, stable prices, and moderate long-term interest rates—in the Federal Reserve Act. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and today, according to official Federal Reserve documentation, include conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system and providing financial services to depository institutions, the U.S. government, and foreign official institutions. The Fed also conducts research into the economy and releases numerous publications, such as the Beige Book.
Glenn Edward Lee Beck (born February 10, 1964) is an American conservative radio host, vlogger, author, entrepreneur, political commentator and former television host. He hosts the Glenn Beck Program, a nationally syndicated talk-radio show that airs throughout the United States on Premiere Radio Networks. He formerly hosted the Glenn Beck television program, which ran from January 2006 to October 2008 on HLN and from January 2009 to June 2011 on the Fox News Channel. Beck has authored six New York Times–bestselling books. Beck is the founder and CEO of Mercury Radio Arts, a multimedia production company through which he produces content for radio, television, publishing, the stage, and the Internet. It was announced on April 6, 2011, that Beck would "transition off of his daily program" on Fox News later in the year but would team with Fox to "produce a slate of projects for FOX News Channel and FOX News' digital properties". Beck's last daily show on the network was June 30, 2011. In 2012, The Hollywood Reporter named Beck on its Digital Power Fifty list.