Definitions for "Federal Reserve"
The Fed, as it is also known, was established by the US Congress in 1913 and comprises 12 regional Federal Reserve banks, the largest being the Federal Reserve Bank of New York. These regional banks are governed by the Federal Reserve Board, and together act as the US central bank.
Federal Reserve - The national institution which handles the management of monetary systems in the United States.
The ‘Fed' is the Central Bank of the USA – responsible amongst other things for their prime rate decisions.