The Fed and How It Got That Way Here is a quick history of the Federal Reserve and an overview of what it does. Share | Have A Question About This Topic? Name Email Address Message Thank you! Oops! Related Content Does Your Child Need to File an Income Tax Return? When your child has income, there’s a good chance that he or she will need to report it and pay taxes. When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases. Starting a Roth IRA for a Teen This early financial decision could prove helpful over time.