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Federal Reserve System definition

☆ Federal Reserve System

a centralized banking system in the U.S. under a Board of Governors (formerly called the Federal Reserve Board) with supervisory powers over twelve Federal Reserve Banks, each a central bank for its district: established in 1913, it is intended to regulate banking and the economy by controlling the supply of money and credit

Webster's New World College Dictionary Copyright © 2005 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

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