Treasury. By creating the Federal Reserve System, Congress intended to eliminate the severe financial crises that had periodically swept the nation, especially the sort of financial panic that occurred in 1907. From 1863 to 1913, a system of national banks was instituted by the 1863 National Banking Act during which series of bank panics, in 1873, 1893, and 1907 occurred, The main motivation for the third central banking system came from the Panic of 1907, which caused a renewed desire among legislators, economists, and bankers for an overhaul of the monetary system. The Federal Reserve plays a role in the U.S. payments system.  Before the founding of the Federal Reserve System, the United States underwent several financial crises. The Federal Reserve System's Founding Fathers and Allied Finances in the First World War", Bernard Shull, "The Fourth Branch: The Federal Reserve's Unlikely Rise to Power and Influence" (2005). Agrarian and progressive interests, led by William Jennings Bryan, favored a central bank under public, rather than banker, control. , Each regional Bank's board consists of nine members. 96-672 E", "US Code: Title 12, Subchapter VII – Directors of Federal Reserve Banks; Reserve Agents and Assistants". The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions. The action made the Fed a crucial source of credit for non-financial businesses in addition to commercial banks and investment firms. Much of the gold in the vault arrived during and after World War II as countries sought to store their gold in a safe location.  There has been debate among policy makers as to whether the Federal Reserve should have a specific inflation targeting policy.. The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States.It is located at 33 Liberty Street, New York, New York.It is responsible for the Second District of the Federal Reserve System, which encompasses New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. , Current functions of the Federal Reserve System include:, Banking institutions in the United States are required to hold reserves—amounts of currency and deposits in other banks—equal to only a fraction of the amount of the bank's deposit liabilities owed to customers. On rare occasions, too many of the bank's customers will withdraw their savings and the bank will need help from another institution to continue operating; this is called a bank run. The Federal Reserve Bank of New York Buffalo Branch was a branch of the Federal Reserve Bank of New York but was closed on October 31, 2008. There are also various advisory councils. Changing the Federal Reserve's Mandate: An Economic Analysis, Federal Reserve: Unconventional Monetary Policy Options, Records of the Federal Reserve System in the National Archives (Record Group 82), Federal Reserve v. Investment Co. 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