Federal Reserve System contral banking system of the United States, popularly called the Fed, is a central bank that serves as the banker to both the banking community and the government, it also issues the national currency, conduct monetary policy, and play a major role in supervision and regulation of bank and bank holding companies. In the U.S.these Governors located in Washington, D.C., and the top officers of the 12 district Federal Reserve bank, located through the nation. The Fed’s nations, described below, generally have a significant effect on the U.S.interest rates and, subsequently, on stock, bond, and other financial markets.
这一段是讲美联储是12个联邦银行的管理机构，在美国金融中具有重要地位。
The Federal Reserve’s basic power are concentrate in the board of governor, which is paramount(极为重要) in all policy issues concerning bank regulation and supervision and in most aspect of monetary control. The board enunciate(阐明) the Fed’s policies on both monetary and banking matters. Because the board is not an operating agency, most of the day-to-day implementation of policy decisions is left to the district Federal Reserve banks. The Board of governors and the heads of the Reserve banks orient their policies to the public interest rather than to the benefit of the private banking system.
这一段是讲美联储的理事会是为大众利益服务的，而非私人银行。并且美联储是政策制定机构，不是执行机构。
The Board of governors 理事会
The U.S.banking system’s regulatory apparatus is complex; the authority of the Federal Reserve is shared in some instances, for example, in mergers or the examination of banks with other federal agencies such as the Controller of the Currency(OCC) and the Federal Deposit Insurance Cooperation(FDIC), in the critical area of regulating the nation’s money supply in accordance with national economic goal, however, The Federal Reserve is independent within the government.
这一段是讲美国银行系统的监管机构很复杂，美联储的某些权力是与其他机构共享的，但是在关键领域是独立的。
regulatory apparatus 监管机构
