The establishment of the Federal Reserve System in the United States had a profound impact on the economy and financial stability. Created in 1913 in response to frequent banking panics, the Federal Reserve's primary goals included managing monetary policy, supervising and regulating banks, and providing financial services. It introduced mechanisms to influence interest rates and control the money supply, thereby aiming to promote maximum employment, stable prices, and moderate long-term interest rates. The Federal Reserve's role has been crucial in managing economic crises, such as the Great Depression and the 2008 financial crisis, shaping the contemporary banking landscape.