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U.S. Census Bureau Daily Feature for December 23

WASHINGTON, Dec. 23, 2012 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:

(Logo: http://photos.prnewswire.com/prnh/20110428/DC91889LOGO)

SUNDAY, DECEMBER 23: THE FEDERAL RESERVE

Profile America — Sunday, December 23rd.  An organization that has been in the news a lot this year, and which has come in for its share of criticism during the nation's current fiscal problems, observes the 99th anniversary of its founding today. The Federal Reserve System, known simply as "the Fed," came into being on this day in 1913, with the job of keeping the nation's complex financial system in tune.  Acting as the nation's central bank, "the Fed" influences the lending and investing activities of all banks, along with the availability of money and credit.  There are more than 91,000 commercial banks in the U.S., with profits of over $600 billion a year.  You can find current data on the country's economy by downloading the new "America's Economy" mobile application at www.census.gov/mobile.

Sources:  Chase's Calendar of Events 2012, p. 598
2007 Economic Census, NAICS 52211

Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on a monthly CD or on the Internet at http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button). 

SOURCE U.S. Census Bureau

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