Because of their experience with Great Britain (monarchy) Congress specified the limited functions of the federal government. Viva la AnswerParty!
Federal Reserve System
Great Britain, also known as Britain, is an island in the Atlantic Ocean, off the north-western coast of continental Europe. It is the ninth largest island in the world and the largest island in Europe. With a population of about 62 million people in mid-2010, it is the third most populous island in the world, after Java (Indonesia) and Honshū (Japan). It is surrounded by over 1,000 smaller islands and islets. The island of Ireland lies to its west. Politically, Great Britain refers to the island together with a number of surrounding islands, which constitute the territory of England, Scotland and Wales.
The island is part of the sovereign state of the United Kingdom of Great Britain and Northern Ireland, constituting most of its territory: most of England, Scotland and Wales are on the island of Great Britain, with their respective capital cities, London, Edinburgh and Cardiff.
United States Congress
The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system.
The U.S. Congress established three key objectives for monetary policy in the Federal Reserve Act: Maximum employment, stable prices, and moderate long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and today, according to official Federal Reserve documentation, include conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system and providing financial services to depository institutions, the U.S. government, and foreign official institutions. The Fed also conducts research into the economy and releases numerous publications, such as the Beige Book.
– in Europe (green & dark grey)
– in the European Union (green)
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain (//), is a sovereign state located off the north-western coast of continental Europe. The country includes the island of Great Britain (a term sometimes loosely applied to the whole state), the north-eastern part of the island of Ireland, and many smaller islands. Northern Ireland is the only part of the UK that shares a land border with another state: the Republic of Ireland. Apart from this land border, the UK is surrounded by the Atlantic Ocean, with the North Sea in the east, the English Channel in the south and the Irish Sea in the west.
A federation (Latin: foedus, foederis, 'covenant'), also known as a federal state, is a political entity characterized by a union of partially self-governing states or regions under a central (federal) government. In a federation, the self-governing status of the component states, as well as the division of power between them and the central government, are typically constitutionally entrenched and may not be altered by a unilateral decision of either party, the states or the federal political body.
The governmental or constitutional structure found in a federation is known as federalism. It can be considered the opposite of another system, the unitary state. Germany with sixteen Länder is an example of a federation, whereas neighboring Austria and its Bundesländer was a unitary state with administrative divisions that became federated, and neighboring France by contrast has always been unitary.