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The Federal Reserve System is America’s Central bank. It was created on Dec. 23, 1913 by the enactment of the Federal Reserve Act, largely as a response to a series of financial panics or bank runs, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. The Federal Reserve System makes it the most powerful single actor in the U.S. economy and thus the world. The Fed buys U.S. Treasury from the federal government. That’s because the Fed creates the money it uses to buy the Treasurys. The Fed is called the “bankers’ bank.” That is because each Reserve bank stores currency, processes checks and, most importantly, makes loans for its members to make their reserve requirement when needed.