US central-banking system comprising of 12 regional central banks (called the Federal Reserve Banks) owned by private banks. Governed by seven-member (each appointed by the US president for 14 years) board of governors, the Fed regulates interest rates and availability of bank credit and sets other monetary policies such as legal reserve requirements for banks. Both its chairman (who is its de facto CEO) and vice-chairman are appointed by the US president for a renewable four-year term. The Fed publishes 'Federal Reserve bulletin,' an authoritative source of data on banking, economy, and money.
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