Structure of the Federal Reserve System

The structure of the Federal Reserve System is unique among central banks in the world, with both public and private aspects. It is described as "independent within the government" rather than "independent of government".

The Federal Reserve does not require public funding; instead, it remits its profits to the U.S. Federal government. It derives its authority and purpose from the Federal Reserve Act, which was passed by Congress in 1913 and is subject to Congressional modification or repeal.

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