Is the Federal Reserve known as, "the lender of last resort"?

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How is The Federal Reserve Bank Known As “The Lender of Last Resort?”
The Federal Reserve Bank holds significant responsibilities to ensure economic stability. In particular, it is also called the Central Bank. Without this federal organization, regulating and controlling the economy and money circulation would be a difficult task for the government. Since economic problems are inevitable, the Federal Reserve Bank eradicates many of these challenges by working in close collaboration with the Congress. However, it is vital to note that the Central Bank is an independent institution and make decisions without the influence of government officials. The Federal Reserve Bank is also called “the lender of last resort (LOLR).” The last-resort lending responsibility was introduced in the 18th centuries after panics and fears that engulfed banking institutions. Notably, all commercial banks are required to have a reserve with the Central Bank. Being the LOLR, the Federal Reserve Bank offers liquidity to banking institutions that are facing financial difficulties to stabilize the economy.
Some of the primary functions of the Federal Reserve Bank include regulating, supervising, and controlling bank operations. Others are maintaining a reliable and effective payment system and establishing appropriate monetary policies. As a LOLR, the Central Bank keeps an eye on the financial institutions to ensure that they partake their responsibilities well to enhance economic growth and expansion. However, stabilizing the economy is more than monitoring the financial system (Tucker 12). In some cases, the banking institutions require financial boost so that they can overcome various challenges. Besides, individuals who want loans from banks must first open an account and perform various transactions up to a particular amount before they get credits. Similarly, the commercial banks have reserves with the Federal Reserve Bank so that they can ask for financial assistance when the need arises. In the 1800s, financial panics resulted in the closure of many banking institutions. When people no longer trust the banks to keep their money, they usually withdraw it. As many individuals get their funds from the financial institutions, it becomes hard for the banks to continue operating since they do not have all depositors’ money at hand. Such panics have detrimental effects on the economy, and that is the reason why the Federal Reserve Bank comes in to regulate the flow of money.
Being the LOLR enabled the United States of America (USA) to overcome the Great Depression of 1929 and the Economic Recession of 2008. During the Great Depression, the most significant thing that deteriorated the situation was people withdrawing more money from the banks since they longer trusted them to keep it. As many Americans invested their savings in the stock market, the supply of money was not enough, increasing unsold products. Although the stock prices continued to rise, the rate of production decreased since consumers could no longer afford to buy many goods as before. The majority of Americans bought things in credit since their employers delayed their wages and others shut down ...