Over 700 finance terms, Shmooped to perfection.
The United States is divided into different districts, and there is a Federal Reserve Bank branch located within each district. Collectively, this is the Federal Reserve System. Each district has a governor, and the governors meet from time to time so that the Fed Chairman can tell them how they should vote on interest rates. No? You mean, these governors actually possess independent thought? Well, damn! It sure doesn’t seem that way.