U.S. Census Bureau Daily Feature for December 23

WASHINGTON, Dec. 23, 2011 /PRNewswire-USNewswire/ -- Following is the daily "Profile America" feature from the U.S. Census Bureau:

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FRIDAY, DECEMBER 23: THE FEDERAL RESERVE

Profile America — Friday, December 23rd.  An organization that has been in the news a lot with this year's continuing economic woes — and which affects each one of us — observes the anniversary of its founding today.  The Federal Reserve System, known simply as "The Fed," came into being in 1913, with the job of keeping the nation's complex financial system in tune. Acting as the nation's central bank, "The Fed" influences the lending and investing activities of all banks, along with the availability of money and credit.  Seven-out-of-10 U.S. families have credit cards.  They average two cards per household and make new charges of $200 per month.  More than half carry a median balance of $2,000 from month to month.  You can find these and more facts about America from the U.S. Census Bureau, online at www.census.gov.

Sources:  Chase's Calendar of Events 2011, p. 609
Statistical Abstract of the United States 2012, t. 1172, 1189

Profile America is produced by the Public Information Office of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on a monthly CD or on the Internet at http://www.census.gov (look for "Multimedia Gallery" by the "Newsroom" button). 

SOURCE U.S. Census Bureau