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Federal Reserve System |
Also found in: Financial, Encyclopedia, Wikipedia | 0.09 sec. |
Federal Reserve SystemUS central banking system and note-issuing authority, established in 1913 to regulate the country's credit and monetary policy. The USA has a federal banking system comprised of 12 Federal Reserve banks and all their member banks. The 12 banks are situated in Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, San Francisco, and St Louis. The system is governed by the Federal Reserve board in Washington, DC, appointed by the president with Senate approval.
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