FEDERAL RESERVE BANKS
\fˈɛdəɹə͡l ɹɪsˈɜːv bˈaŋks], \fˈɛdəɹəl ɹɪsˈɜːv bˈaŋks], \f_ˈɛ_d_ə_ɹ_əl ɹ_ɪ_s_ˈɜː_v b_ˈa_ŋ_k_s]\
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The 12 BANKS in the US FEDERAL RESERVE SYSTEM that are responsible for providing CENTRAL BANK services to member banks, lending via the DISCOUNT WINDOW, monitoring the activities of banks operating within their jurisdictions, and assisting in the formulation of MONETARY POLICY via the FEDERAL OPEN MARKETS COMMITTEE.
By Henry Campbell Black
Word of the day
dust storm
- a windstorm that lifts up clouds of dust or sand a windstorm that lifts up clouds dust or sand; "it was the kind of duster not experienced in years"