who are the feds

The "Feds" refers to the Federal Reserve System, which is the central bank of the United States. Created by Congress in 1913, the Federal Reserve (often called the Fed) is responsible for managing the country's monetary and financial system to promote a stable economy. It consists of a Board of Governors based in Washington D.C., with seven members appointed by the President and confirmed by the Senate, and 12 regional Federal Reserve Banks serving different geographic areas across the U.S. The Fed conducts national monetary policy, supervises and regulates banks, maintains financial stability, and provides financial services. It is an independent entity within the government system with broad power to act to ensure economic stability.