The Federal Reserve System, often called "the Fed," is the central bank of the United States. It is responsible for regulating the country's monetary policy and maintaining financial stability. When discussing the Fed, there are a few synonyms that may come up. One is the Federal Reserve Bank, which refers to the network of 12 regional banks that make up the Fed system. Another synonym is the central bank, a term which is more commonly used in other countries. Additionally, the Fed might be referred to as the Monetary Authority or the lender of last resort. Regardless of the term used, the Fed plays a critical role in the economy.