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When the economy crashed in 2008, The Federal Reserve also initiated the first in a series of large-scale asset purchase (LSAP) programs, buying mortgage-backed securities and longer-term Treasury securities.
What is Federal Reserve?
- The United States of America's central banking system is the Federal Reserve.
- Following a string of financial panics that prompted the need for centralized supervision of the monetary system in order to prevent financial crises, it was established on December 23, 1913, the day before Christmas Eve, with the passage of the Federal Reserve Act.
- The Federal Reserve System's functions and responsibilities have grown over time as a result of occasions like the Great Depression in the 1930s and the Great Recession in the 2000s.
- In the Federal Reserve Act, the U.S. Congress outlined three main goals for monetary policy: increasing employment, maintaining price stability, and lowering long-term interest rates.
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