English version

Federal Reserve System, the

From Longman Dictionary of Contemporary EnglishFederal Reserve System, thethe Federal Reserve SystemˌFederal Reˈserve ˌSystem, the (also the Fed infml)  the national banking system in the US, according to which the Federal Reserve Bank operatesFrom Longman Business DictionaryFederal Reserve SystemˌFederal Reˈserve ˌSystem abbreviation FRS nounORGANIZATIONSBANKING the US CENTRAL BANK. It consists of the 12 Federal Reserve Banks and sets banking rules, controls the MONEY SUPPLY, (=the amount of money in the economy) and manages the CLEARING SYSTEM (=the system for making payments between banks)The Federal Reserve System has committed itself to fighting the recession with lower interest rates.
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