The U.S. Federal Reserve System (The The Federal Reserve System (Federal Reserve; Federal Reserve; abbreviation: Federal Reserve) is the central bank of the United States, empowered by the U.S. Congress, established in 1913, headquartered in Washington, D.C. Central Management Board, in addition to 12 regional Federal Reserve Banks in major cities in the United States. The Federal Reserve is composed of the Federal Reserve Board, the Federal Reserve Banks and the Federal Open Market Committee. Its main responsibilities are: to formulate monetary policy; to supervise banks and protect consumer credit rights; to maintain financial stability; and to provide reliable financial services to the government, the public, financial institutions and foreign institutions. Ben Bernanke is the current top official of the Federal Reserve.