a U.S. federal banking system that is under the control of a central board of governors (Federal Reserve Board) with a central bank (Federal Reserve Bank) in each of 12 districts and that has wide powers in controlling credit and the flow of money as well as in performing other functions, as regulating and supervising its member banks.
The central monetary authority of the United States. The Board of Governors supervises the twelve Federal Reserve banks, which deal with other banks rather than with the public. The system has many functions, including regulating interest rates.
