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- Prior to the establishment of the U.S. Federal Reserve, exchange was inhibited by a lack of currency. There was no national system for moving money between banks, which made it harder for banks to extend loans to local businesses, since a bank can’t lend money it doesn’t have. One of the Fed’s main functions is to oversee bank-to-bank loans, which make it easier for banks to lend to businesses, which ultimately promotes national economic growth.
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