The Federal Open Market Committee makes monetary policy so it's decentralized and long terms.

联邦公开市场监察小组,制定货币政策,所以它是分权并且长期的。

耶鲁公开课 - 金融市场课程节选

We've centralized the note issue in the United States starting in 1913 with the Federal Reserve Board so your notes that you see are called Federal Reserve Notes.

我们在1913年通过联邦储备金监察小组,集中了美国发行的钞票,所以你看到的钞票,叫做联邦储备券。

耶鲁公开课 - 金融市场课程节选