The basic monetary system in the United States is basically issued by the Federal Reserve. The registered capital of the Federal Reserve Bank of the United States is subscribed by commercial member banks, and its income comes from spread income and national debt underwriting income. Since its establishment, the Federal Reserve has been acting as an agent for the financial revenue and expenditure of the government treasury, and has also performed the functions of acting as an agent for the management of government securities issuance and government lenders.