|Federal Reserve System|
|(in the US) a banking system consisting of twelve Federal Reserve Districts, each containing member banks regulated and served by a Federal Reserve Bank. It operates under the supervision of the Federal Reserve Board and performs functions similar to those of the Bank of England|
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.