Federal Reserve System
From Reuters Financial Glossary
Established in 1913, the Federal Reserve System is the central bank system of the US. Although itsboard is selected by the US President, it is considered to be an independent entity. It comprises the Federal Reserve Board, the 12 Federal Reserve Banks, their 24 branches and all national and state member banks. They regulate money supply, set reserve requirements, supervise printing of currency, act as a clearing house for the transfer of funds throughout the banking system and ensure that member banks meet Federal Reserve regulations.
See also: Federal Reserve Board, FOMC
