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U.S. Central Bank: Federal Reserve

U.S. Central Bank: Federal Reserve

Author: Dan Laub
This lesson covers the U.S. Central Bank: Federal Reserve
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Notes for "U.S. Central Bank: Federal Reserve"

Key Terms

Federal Reserve

The central banking authority for the United States with direct oversight authority for monetary policy.


Federal Reserve Board of Governors

The seven member governing board of the Federal Reserve Board. The members are nominated by the President and confirmed by the Senate to serve a fourteen-year staggered term.


Federal Open Market Committee (FOMC)

A committee within the Federal Reserve System that has responsibility and oversight of open market operations, buying and selling of U.S. Treasury securities for the purpose of interest rate and money supply management, one of the key components of monetary policy. The committee also sets the target for the federal funds target rate.