One of the mysteries of the English language finally explained.
A regional bank operating under and implementing the policies of the US Federal Reserve.
- ‘The Banking Act of 1933 reorganized and strengthened the central Board of Governors, who were given control over interest rates, reserve requirements, and all activities of the twelve federal reserve banks.’
- ‘The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over.’
- ‘The former chairman of the American federal reserve bank is leading an inquiry for the UN but he will not be saying anything until January at the earliest.’
- ‘The old semiautonomous nature of the reserve banks, like the semiautonomous nature of the individual states, fell increasingly under the leaden authority of the federal government.’
- ‘United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.’
reserve bank/rēˈzərv baNGk/
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