Business / Taxes / Federal Reserve System: The Federal Reserve System, sometimes known as the Fed, is the central bank of the United States. The Federal Reserve System, which was established in 1913 to stabilize the country's financial system, includes 12 regional Federal Reserve banks, 25 Federal Reserve branch banks, all national banks, and some state banks. Member banks must meet the Fed's financial standards. Under the direction of a chairman, a seven-member Federal Reserve Board oversees the system and determines national monetary policy. Its goal is to keep the economy healthy and its currency stable. The Fed's Open Market Committee (FOMC) sets the discount rate and establishes credit policies. The Federal Reserve Bank of New York puts those policies into action by buying and selling government securities.
Reserve Noun Synonyms: keep or hold (back), withhold, save, set or put aside, conserve, preserve, retain, keep (to or for oneself), hold over, postpone, delay, put off, defer
Reserve Verb Synonyms: reticence, (self-)restraint, (self-)control, taciturnity, aplomb, formality, coolness, aloofness, guardedness, standoffishness, remoteness, detachment
System Noun Synonyms: scheme, method, approach, modus operandi, way, procedure, methodology, technique, plan, process, practice, routine
System Adjective Synonyms: organized whole, organization, set, group, combination, structure, arrangement, pattern, set-up
Business / Finance / Federal Reserve Board (FRB): One of the 12 member banks constituting the Federal Reserve System that is responsible for overseeing the commercial and savings banks of its region to ensure their compliance with regulation. MORE
Business / Finance / Federal Reserve Bank: The body that is responsible for setting the interest rates and credit policies of the Federal Reserve System. MORE