Congress established the Federal Reserve, the central bank of the United States, in 1913 to provide the country with a more secure, more flexible, and more stable monetary and financial system. Presently, the Federal Reserve's duties fall into four general areas: (1) conducting the nation's monetary policy; 2) supervising and regulating banking institutions and protecting the credit rights of consumers; (3) maintaining the stability of the financial system; and (4) providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions, including playing a major role in operating the nation's payments system. The seventy-three year old Republican has headed the Federal Reserve since Ronald Reagan appointed him in 1987. Federal Reserve Chairman Alan Greenspan may be the most omnipotent unelected official in Washington and the most powerful person when it comes to directing the U.S. economy. As Federal Reserve Board chairperson, Greenspan leads two committees: its Board of Governors, which manages regulation and administrative matters, and its Federal Open Market Committee, which controls the real authority over the eco

His friendship with Ayn Rand and her objectivism philosophy deeply influenced him. Rand's objectivism philosophy supports laissez-faire capitalism and encourages rational selfishness. During Richard Nixon's 1968 presidential campaign, Greenspan became an adviser due to Rand's insistence. He continued to advise President Nixon earnestly until he became the chairperson of the Council of Economic Advisers in 1974. Greenspan remained at the council throughout Gerald Ford's 1974-1977 administration, during which he was reducing inflation with his policies while also leading to a recession, which perhaps was the cause of Ford's defeat for reelection.

Some common words found in the essay are:
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Approximate Word count = 1239
Approximate Pages = 5 (250 words per page double spaced)