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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 conceived by several of the world's leading bankers in 1910 and enacted in 1913, with the passing of the Federal Reserve Act. The passing of the Federal Reserve Act was largely a response to prior financial panics and bank runs, the most severe of which being the Panic of 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 some of the major factors leading to changes in the system. Its duties today, according to official Federal Reserve documentation, fall into four general areas: The Federal Reserve System is subject to the Administrative Procedure Act, and so is legally obligated to inform the public about its organization, procedures and rules. In addition, the Act requires the Fed to establish uniform standards for the conduct of formal rule-making and adjudication. According to the board of governors: "It is not 'owned' by anyone and is 'not a private, profit-making institution'.