Answer:
ans 1) The Federal Reserve System is the central banking system of the United States of America
ans 2) The Fed's three functions are to: conduct the nation's monetary policy, provide and maintain an effective and efficient payments system, and. supervise and regulate banking operations.
ans 3) By performing all of its various duties—setting interest rates, supervising and regulating financial institutions, providing national payment services, and maintaining the stability of the nation's financial system—the Fed plays a crucial role in preserving the health of the economy and that is why it is so important.
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Explanation:
