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Today marks the 96th anniversary of the , the central bank of the United States. Created by an act of Congress in 1913 in response to one fiscal crisis, the Fed's role and responsibilities have changed and grown over the years in response to other events, including the nation's current financial problems. * The Fed's primary responsibility is the formulation of monetary policy, with the seven board members constituting a majority of the 12-member Federal Open Market Committee, the group that makes the key decisions affecting the cost and availability of money and credit in the economy. The other five members of the FOMC are Reserve Bank presidents, including the president of the Federal Reserve Bank of New York.
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