111 years ago today, on November 16, 1914 (September 29, 1914), the Federal Reserve Bank of the United States was officially established. Federal Reserve Bank of the United States: The Federal Reserve Bank of the United States is the most powerful bank in the world and the place with the most dollars and gold in the world. Located at 33 Liberty Avenue. The Federal Reserve Bank of the United States actually consists of twelve banks and twenty-five regional branches located throughout the United States. Although it was originally established to stabilize and protect the banking system in the United States, its current main responsibility is to control inflation. According to the charter of the Federal Reserve Bank of the United States, its purpose is "to help eliminate the effects of inflation and deflation, and to participate actively in creating an environment that promotes high employment, stable prices, national economic growth, and rising levels of consumption." Another important responsibility of the Federal Reserve Bank of the United States ("the Fed") is to promote the safe and efficient flow of funds within the banking system. To date, the Fed has greatly improved the efficiency of the payment system by encouraging technological innovation in areas such as electronic transfers. The earliest transfers of funds were made by telegraph, dating back to 1918. Eventually, the Federal Reserve will move towards a future of paperless or electronic money, and once that happens, its day-to-day job of replacing old money and seizing counterfeit bills will cease to exist. The Fed is governed by a seven-member Board of Presidents, all of whom are appointed by the president. Each member is appointed for a term of 14 years. The Board of Presidents has a chairperson and a vice chairperson, each serving a four-year term. The twelve-member FOMC (FOMC) is an influential organization that meets eight times a year to discuss the U.S. economy and monetary policy. In short, the U.S. economy, which controls the world economy, is under the control of the Federal Reserve Bank of the United States. Comment: One of the most important Financial Institutions Groups in the world today.