- Federal Reserve System, Federal Reserve, Fed, FRS - the central bank of the United States; incorporates 12 Federal Reserve branch banks and all national banks and state charted commercial banks and some trust companies; "the Fed seeks to control the United States economy by raising and lowering short-term interest rates and the money supply"
--1 is a kind of central bank
--1 has members: Federal Reserve Bank, reserve bank; national bank; member bank