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Federal Reserve System |
Also found in: Financial, Encyclopedia, Wikipedia | 0.01 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 regional 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 seven-member Federal Reserve Board in Washington, DC, appointed by the president with Senate approval.
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On September 22, 2005, the Federal Reserve Board approved actions by the Boards of Directors of the Federal Reserve Banks of The annual reports of the regional Federal Reserve Banks are a valuable but quite probably underutilized resource for economists, business analysts, and other professionals in related fields. Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors. |
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