The Federal Reserve System (the 'Fed) was created by the Federal Reserve Act, passed by Congress in 1913. and began operations in 1914. Like all central banks, the Federal Reserve is a government agency. All of the following statements are true about the Fed except O the Federal Reserve is the "lender of last resort Oit promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets O it focuses on making a profit like commercial banks) Oit has the power to supervise and regulate banks