The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the American monetary system. Although an instrument of the U.S. government, the Federal Reserve System is considered an independent central bank due to its structural insulation from political interference. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of central bank's remit.