Federal Reserve System - FRS

What Does Federal Reserve System - FRS Mean?
The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States.

Investopedia explains Federal Reserve System - FRS
You can divide the Federal Reserve's duties into four general areas:

1. Conducting monetary policy
2. Regulating banking institutions and protecting the credit rights of consumers
3. Maintaining the stability of the financial system
4. Providing financial services to the U.S. government