1. What is the Federal Reserve (or the Fed)? 2. What does the Federal Reserve do?
3. Why is the Federal Reserve important?

ans 1) The Federal Reserve System is the central banking system of the United States of America

ans 2) The Fed's three functions are to: conduct the nation's monetary policy, provide and maintain an effective and efficient payments system, and. supervise and regulate banking operations.

ans 3) By performing all of its various duties—setting interest rates, supervising and regulating financial institutions, providing national payment services, and maintaining the stability of the nation's financial system—the Fed plays a crucial role in preserving the health of the economy and that is why it is so important.

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Explanation:

the anecdote makes readers feel sorry for the man’s lack of heritage, then reminds readers that the man has an equally valuable heritage.