Definition of the Federal Reserve System noun from the Oxford Advanced Learner's Dictionary


the Federal Reserve System

; NAmE
(also the Federal Reserve) (abbreviation the FRS) (informal the Fed) [singular] Economy
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the organization that controls the supply of money in the US See related entries: Economy Culture The FRS was established by the Federal Reserve Act of 1913. Its Federal Reserve Banks deal with commercial banks in their regions. All national banks must join the system and state banks, savings and loan associations and credit unions may join with the Fed's approval. The system is directed by seven people appointed by the US President, and their chairman is extremely powerful.
See the Oxford Advanced American Dictionary entry: the Federal Reserve System