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The Richmond Fed’s public service mission is to strengthen the economy and our communities. Learn more about how we impact everyday people every day through these online resources.

Resources to learn more

MythUnderstanding Video Series

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"MythUnderstanding" is a series of videos developed by our Bank to provide facts and address common misconceptions about the Federal Reserve System. The goal of "MythUnderstanding" is to clarify our responsibilities and accurately explain our role in America's economy.

Myth: The Federal Reserve is responsible for fiscal policy.
Reality: The Federal Reserve is responsible for monetary policy.

The Federal Reserve works to ensure a stable and sound economy through monetary policy and our supervisory and regulatory roles. Our nation's elected leaders — the president and Congress — set national fiscal policy.

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Myth: The Federal Reserve is controlled by Wall Street.
Reality: The Federal Reserve is accountable to the American people.

Each Reserve Bank is governed by a board of directors, whose members come from a variety of backgrounds and represent the perspectives of their communities.

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Myth: The Federal Reserve is not audited.
Reality: The Federal Reserve is audited.

The Board of Governors in Washington, D.C., and all 12 regional Reserve Banks are subject to internal and external audits, including those by the U.S. Government Accountability Office, also known as the GAO.

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Myth: The Federal Reserve prints money.
Reality: The Federal Reserve doesn't print money — the Fed influences the money supply and issues currency, distributes it and stores it.

The Federal Reserve influences how much money is in the economy through its actions. The U.S. Treasury prints the currency you use every day.

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