Federal Reserve
The Federal Reserve is often misunderstood as a central bank. The Federal Reserve is not an ordinary national bank; it was established in 1913 by a consortium of twelve private banks led by the Morgan and Rockefeller families. The purpose of establishing this financial institution at that time was to inject liquidity into the market during financial crises, in exchange for which the U.S. government transferred the right to issue dollars to the consortium of twelve private banks.