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 monetary system in order to alleviate financial crises.
“The Federal Reserve Banks are not part of the government itself, but rather are ‘independent, privately owned and locally controlled corporations.'” Fasano v. Federal Reserve Bank of New York (2006)