Federal Reserve
Federal Reserve
DEFINITION
DEFINITION
The Federal Reserve is the central bank of the United States. They regulate banks who are members of the Federal Reserve, and created the Federal Deposit Insurance Corporation. There are 12 Federal Reserve Banks throughout the states. The Board of Governors is made up of seven members appointed by the President. The appointment lasts for 14 years. To be a member of the Federal Reserve, the banks must deposit a certain amount of assets in the Federal Reserve Banks. It is the bank for banks.
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