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the Fed lowered the minimum loan size for New Loans and Priority Loans, increased the maximum for all facilities, and extended the repayment period. Lenders retain 5 percent of the loans.

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the worst of the financial crisis, a time when the Federal Reserve struggled to prevent the financial system from collapsing and triggering another depression. The Fed helped orchestrate J.P. Morgan Chase & Co.'s rescue of Bear Stearns and helped the government take over faltering insurer AIG.

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the Fed once again tightened the money supply, allowing the federal funds rate to approach 20 percent. Despite this, long-run interest rates continued to rise. ... By October 1982, inflation had fallen to 5 percent and long-run interest rates began to decline.

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President Franklin D. Roosevelt enacted significant reforms to the Federal Reserve and the financial system, including increasing the independence of the Fed from the executive branch and shifting some powers formerly held by the Reserve Banks to the Board of Governors.

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Congress passed the Federal Reserve Act to establish economic stability in the U.S. by introducing a central bank to oversee monetary policy.

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The Board—appointed by the President and confirmed by the Senate—provides general guidance for the Federal Reserve System and oversees the 12 Reserve Banks.01-Boston

02-New York

03-Philadelphia

04-Cleveland

05-Richmond

06-Atlanta

07-Chicago

08-St. Louis

09-Minneapolis

10-Kansas City

11-Dallas

12-San Francisco

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A member bank is a commercial bank that's part of the Federal Reserve System. These banks maintain reserve deposits in the Federal Reserve Bank in their districts. National banks must be members; state-chartered banks may join by meeting certain requirements.

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The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.

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A board of governors is a group of people appointed to oversee an organization's operations, including financial matters. ... A board of directors, with roles similar to a board of governors, is an appointed group that oversees a corporation's business