The Probert Encyclopaedia of Money

FEDERAL RESERVE SYSTEM

The Federal Reserve System is the banking system in the USA that performs the functions of a central bank. The system consists of twelve Federal Reserve Districts, in each of which a Federal Reserve Bank acts as lender of last resort. The activities of the twelve Reserve Banks are controlled from Washington by the Federal Reserve Board. The Federal Reserve System is used to implement the USA's monetary policy.
Research Federal Reserve System