Federal Reserve

Federal Reserve
/ˌfed(ə)rəl rɪ'zɜ:v/, Federal Reserve System /ˌfed(ə)rəl rɪ'zɜ:v ˌsɪstəm/ noun
the system of federal government control of the US banks, where the Federal Reserve Board regulates money supply, prints money, fixes the discount rate and issues government bonds
COMMENT: The Federal Reserve system is the central bank of the USA. The system is run by the Federal Reserve Board, under a chairman and seven committee members (or ‘governors’) who are all appointed by the President. The twelve Federal Reserve Banks act as lenders of last resort to local commercial banks. Although the board is appointed by the president, the whole system is relatively independent of the US government.

Dictionary of banking and finance. 2015.

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