An independent agency of the US Government.

http://www.federalreserve.gov

The Federal Reserve is the central bank of the United States.

The primary responsibility of the Board members is the formulation of monetary policy. The seven Board members constitute a majority of the 12-member Federal Open Market Committee (FOMC), the group that makes the key decisions affecting the cost and availability of money and credit in the economy. The FRB also has regulatory and supervisory responsibilities over banks that are members of the System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the US activities of foreign-owned banks. Another area of Board responsibility is the development and administration of regulations that implement major federal laws governing consumer credit.

Purposes and Functions of the Federal Reserve Board The Structure of the Federal Reserve System

Banks that are members of the System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the US activities of foreign-owned banks.

http://en.wikipedia.org/wiki/Federal_Reserve_System