the Federal Reserve System
noun
BANKING,FINANCE,GOVERNMENTukus(abbreviationthe FRS);(alsothe Federal Reserve);(informalthe Fed)thecentralbankingsystemin the US that consists of the Federal Reserve Board, the twelve Federal Reserve Banks, the Federal Open Market Committee, and otherbanksthatbelongto the UScentralbankingsystem:
The Federal Reserve Systemannouncedthat it wouldclose18 ofitscheck-processingcenters.