the Federal Reserve System
noun (abbreviation the FRS, also the Federal Reserve, informal the Fed) BANKING, FINANCE, GOVERNMENTDefinition
› the central banking system in the US that consists of the Federal Reserve Board, the twelve Federal Reserve Banks, the Federal Open Market Committee, and other banks that belong to the US central banking system: The Federal Reserve System announced that it would close 18 of its check-processing centers.
(Definition of the Federal Reserve System noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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