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  1. Federal Reserve

    • IPA[ˌfed(ə)rəl rəˈzərv]


    • ph.
      the federal banking authority in the US that performs the functions of a central bank and is used to implement the country's monetary policy, providing a national system of reserve cash available to banks. Created in 1913, the Federal Reserve System consists of twelve Federal Reserve Districts, each having a Federal Reserve Bank. These are controlled from Washington, DC, by the Federal Reserve Board consisting of governors appointed by the US president with Senate approval.