The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years its role in banking and the economy has expanded. Today, the Federal Reserve's duties fall into four general areas: 1) conducting the nation's monetary policy; 2) supervising and regulating banking institutions; 3) maintaining the stability of the financial system and containing systemic risk that may arise in financial markets; and 4) providing certain financial services to the U.S. government, to the public, to financial institutions, and to foreign official institutions.