The central banking system of the United States, called the Federal Reserve system, was created in 1913 by the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907 [REF].
According to the Board of Governors, the Federal Reserve is independent within government in that "its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government."