the Federal Reserve System
noun/ðə ˌfedərəl rɪˈzɜːv sɪstəm/
/ðə ˌfedərəl rɪˈzɜːrv sɪstəm/
(also the Federal Reserve)
(abbreviation the FRS)
(also informal the Fed)
[singular]- the organization that controls the supply of money in the USCultureThe 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 chosen by the US President, and their chairman is extremely powerful.Topics Moneyc2
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the Federal Reserve System