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Board of Governors of the Federal Reserve System

The governing body of the U.S. central bank (the 'Fed'), responsible for setting monetary policy and overseeing the banking system. It often conducts economic research.

Tariff

A tax or duty to be paid on a particular class of imports or exports. It makes imported goods more expensive, aiming to protect domestic industries.

Cost of goods and services

The total amount of money that people or businesses have to spend to buy products or pay for work done, reflecting their market price.

Enactment

The process of a bill becoming a law, typically after passing both chambers of Congress and being signed by the President.

Inflation

A general increase in prices and fall in the purchasing value of money.

Small businesses

Businesses that are privately owned and operated, with a relatively small number of employees and/or revenue compared to larger corporations, often defined by specific government criteria.