Federal Reserve Board 

(US GOVERNMENT) one of two governing boards of the US Federal Reserve System (the Usonian Central Bank). The FRB consists of seven governors appointed by the White House to staggered terms of 14 years.

Governor appointments are subject to Senate confirmation.

The FRB sets monetary policy. Its seven members also serve on the other governing board of the Fed, the FOMC. However, the FRB has sole responsibility for discount rates and reserve requirements, and it is also responsible for enforcement of banking regulation.

Despite the fact that the Chairman of the Federal Reserve Board has the same power as the other six governors, most people have only heard of Alan Greenspan (1987-2006) or Ben Bernanke (2006-present). About the same time, Susan M. Phillips (1991-1998) held approximately equal power on the Board; so did Roger W. Ferguson, Jr. (1997-2006).

Because governors almost never serve their full terms, there are currently only five governors on the board. The two longest-serving members, Bernanke and Vice Chair Donald Kohn, have only been there since August 2002.

Federal Reserve Board by Abu Yahya June 17, 2010

Federal Reserve

A private national bank that churns currency cents to the bill. Not backed by a physical commodity but by your faith you have to the issuing bank.

Man 1: I got a 1000 dollars, and its all mine!

Friend: No it's not, you EARNED that money but you don't own it.

Man 1: Yea, how?

Friend: The price printed from the Federal Reserve on each bill Is the amount you believe its earned.

Man 1: So it's not backed by anything, and it's just printed out?

Friend: Yup

Man 1: so, I can print it too

Friend: Yes.. NOOO!

*Plays Roundabout by Yes*

...To Be Continued

Federal Reserve by Shinkdmeister November 5, 2018

federal courts 

Plural of federal court. Courts of the federal government notably willing to terrorize defendents who are being prosecuted for income tax evasion.

The federal courts rarely have any sense of justice.

federal courts by Jon Davis January 14, 2004

Federal Reserve currency 

The currency issued by the Federal Reserve that is marked by being both fiat money and debt money. All American money issued by the federal government is Federal Reserve currency.

Federal Reserve currency is identified with "$USD".

Federal Reserve currency by Jon Davis January 14, 2004

Federal Prison 

The stage of initiation where a baby nigglet becomes a full-grown nigger.

Black dude : Yo dawg, you just got freed from federal prison!
18-year-old Black dude : Yeh dawg, I'm one of you now.

Federal Prison by NickWilde October 28, 2016

Federal Reserve System 

(ECONOMICS) the central bank of the United States; often called "the Fed" for short. Sole bank of issue for the US dollar since 1971*; issuer of nearly all US currency since 1914.

Created in December 1913 through the Federal Reserve Act; while signed into law by Pres. Wilson, the basic outline of the FRB was developed by the Aldrich-Vreeland Committee (see Aldrich-Vreeland Act) during the Taft Administration (1909-1913).

In addition to issuing currency, the Fed is responsible for some (but not all) oversight of banks; management of the nation's money supply (using purchases and sales of US Treasury securities; see monetary policy); and management of a national check clearing system.

The Fed includes two central managing committees, the Federal Reserve Board and the Federal Open Market Committee (FOMC). It also has 12 district banks; each is known as a Federal Reserve Bank.

The Federal Reserve System is a member of the International Monetary Fund (IMF) and the Bank of International Settlements (BIS).
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*Until 1971, the US Treasury issued a small share of bank notes, or "national notes." They were almost identical in appearance to Federal Reserve notes.

Between 1863 and 1935, federally chartered banks national banks were allowed to issue currency equal to 90% of US treasury securities deposited with the US Treasury. After 1914, when the Fed commenced operations, it nearly stopped entirely.

The Federal Reserve System has twelve district banks, whose management is chose by bank holding companies. The president of each district bank is himself likely to have been an officer of a bank holding company. Hence, regulatory capture was built into the system from the beginning.

Federal Reserve System by Abu Yahya May 5, 2010

federal funds rate 

(FINANCE) the rate at which Federal Reserve System member banks lend reserves to each other. It is the one interest rate actually set by the Federal Reserve Board. The other rates, such for treasury securities, are set by auction.

Bank reserves are a fixed percentage of deposits held in reserve against sudden demand by the depositor. In some cases bank reserves take the form of deposits with a Federal Reserve Bank, like the Federal Reserve Bank of New York.* Such deposits do not earn interest for the member bank, unless they are re-lent out at the federal funds rate.

"Federal funds" refers to emergency lending (overnight) among member banks so that the borrower can meet its reserve requirements. Reserves may include deposits with a Federal Reserve Bank which can be loaned by the member bank to another member bank (thereby earning interest).
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* Member banks in the FRS are regular national/state chartered banks, or investment banks. The FRS itself includes 12 Federal Reserve Banks, which actually do the financial work of the FRS.

The European version of the federal funds rates is the London interbank offered rate (LIBOR).

federal funds rate by Abu Yahya September 4, 2010