in 1-2 sentences based on economics video: What is the federal reserve? he Federal Reserve often referred to as 0:13 "the Fed" is the central bank of the United States. 0:17 Congress created the Fed in 1913 to help promote a safe 0:20 and sound monetary and financial system for our nation. 0:23 The Fed includes the Board of Governors in Washington D.C. 0:27 which has seven members including the Chairman 0:30 and Vice Chairman. 0:31 All of the members of the Board are appointed of the President 0:34 of the United States and confirmed 0:36 by the United States Senate. 0:38 The Fed also includes 12 regional Federal Reserve Banks 0:42 located in cities throughout the country. 0:45 The Reserve Banks serve as the central banks' operating arms 0:48 and also gather economic information from all 0:50 over the country to help the Fed both monitor the economy 0:54 and get the broad input necessary to develop 0:57 and implement effective U.S. monetary policy. 1:00 Today, the Fed performs a number of important functions all 1:04 with the ultimate goal 1:05 of promoting a healthy U.S. economy. 1:07 One of the Fed's more recognizable functions is 1:10 conducting