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What is the primary function of the federal reserve system?

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The Federal Reserve System's principal responsibilities include implementing national monetary policy, monitoring and regulating banks, ensuring financial stability, and providing banking services.

What is the Federal Reserve System?

The Federal Reserve System is the United States of America's central banking system.

After a series of financial panics, the need for central control of the monetary system to ease financial crises led to the passing of the Federal Reserve Act on December 23, 1913.

The primary function of this system included conducting national monetary policy, maintaining financial stability, supervising and regulating banks, and providing banking services.

Therefore, the Federal Reserve system is the central banking system that is engaged in many major ways of all banks.

Learn more about the Federal Reserve System, refer to:

https://brainly.com/question/3603615

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