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The Twelve Regional Reserve Banks
which, together with the Board of Governors in Washington, D.C.,
make up the Federal Reserve System. The "Fed," as the
system is commonly called, is an independent governmental entity
created by Congress in 1913 to serve as the central bank of the
United States. It is responsible for:
- formulating and executing
monetary policy,
- supervising and regulating
depository institutions,
- providing an elastic currency,
- assisting the federal
government's financing operations, and
- serving as the banker for the
U.S. government.
Each Bank
plays a vital role in the monetary policy area as well, seeking to
keep prices stable and economic growth at its maximum sustainable
rate. The Bank president is a decision maker on the direction of
interest rates, along with the other Bank presidents and the seven
governors at the Board, all of whom meet every six weeks in
Washington at the Federal Open Market Committee meeting. The Bank's
Board of Directors--drawn from the business community, banks, and
labor and consumer organizations--makes recommendations every two
weeks on the level of the discount rate, the rate at which the Bank
lends to commercial banks.
- Federal Reserve Bank of Atlanta
- The Atlanta
Fed and the other eleven Reserve Banks play an important part in all
three of the Fed's functions--monetary policy, bank supervision and
regulation, and the operation of a nationwide payments system.
Atlanta Fed staff examine banking institutions in Alabama, Florida,
Georgia, and parts of Louisiana, Mississippi, and Tennessee--the
states that make up the Sixth Federal Reserve District. Through its
six facilities in these states--in Atlanta, Birmingham,
Jacksonville, Miami, Nashville, and New Orleans--the Bank provides
cash to banks, S&Ls, and other depository institutions;
transfers money electronically through the FedWire® funds transfer
system and ACH; and clears millions of checks every day.
- Federal
Reserve Bank Of Boston - The Federal Reserve Bank of Boston
was organized in October 1914. It is serving Connecticut, Maine,
Massachusetts, New Hampshire, Rhode Island and Vermont. Its
website includes information on banking,
community affairs, economic research, educational programs,
financial services, and publications.
- Federal
Reserve Bank of Chicago - The
Chicago Fed serves the Seventh Federal Reserve District, an
economically diverse region that includes all of Iowa and most
of Illinois, Indiana, Michigan and Wisconsin. The Seventh
District has a large national share of many important economic
sectors. The Chicago Fed has a head office in Chicago, branch
office in Detroit, regional offices in Des Moines, Indianapolis
and Milwaukee and facilities in Peoria (Illinois) and on the
Southwest Side of Chicago. Chicago
Fed responsibilities :As one of the
12 regional Reserve Banks, the Chicago Fed is responsible for:
helping to formulate national monetary policy, supervising and
regulating banks and bank holding companies, and providing
financial services such as check clearing and electronic payment
processing to banks and the U.S. government.
- Federal Reserve Bank of
Cleveland - The
Federal Reserve Bank of Cleveland was established in 1914 as a
part of the Federal Reserve System, the central bank of the
United States. The Cleveland Fed took up residence in its
current home in the heart of downtown Cleveland in 1923. The
Federal Reserve Bank of Cleveland serves the Fourth Federal
Reserve District, which comprises Ohio, western Pennsylvania,
eastern Kentucky, and the northern panhandle of West Virginia.
It is one of 12 regional Reserve Banks that, together with the
Board of Governors in Washington, make up the Federal Reserve
System. The Cleveland Fed has branch offices in Cincinnati and
Pittsburgh and a check processing center in Columbus.
- Federal Reserve
Bank of Dallas - As one of twelve
regional Reserve Banks in the Federal Reserve System, the Dallas Fed
serves the Eleventh Federal Reserve District, which consists of
Texas, northern Louisiana and southern New Mexico. Dallas Fed
plays in maintaining the economic vitality and financial stability
of this region.
- Federal
Reserve Bank of Kansas City - The
Federal Reserve Bank of Kansas City is one of 12 regional
Reserve Banks which, together with the Board of Governors in
Washington, D.C., make up the Federal Reserve System. The
"Fed," as the system is commonly called, is an
independent governmental entity created by Congress in 1913 to
serve as the central bank of the United States. It is
responsible for: formulating and executing monetary policy;
supervising and regulating depository institutions; providing an
elastic currency; assisting the federal government's financing
operations; and serving as the banker for the U.S. government.
Servicing Kansas City, Denver, Oklahoma
City, Omaha. Includes information on economic research, financial
services, community affairs, public affairs, bank supervision,
and consumer affairs.
- Federal Reserve Bank of
Minneapolis - The Federal
Reserve Bank of Minneapolis is one of 12 Federal Reserve Banks
which, along with the Board of Governors in Washington, D.C.,
comprise the Federal Reserve System, our nation's central bank.
The Minneapolis Fed, with one branch in Helena, Montana, serves
the Ninth Federal Reserve District. Included in the district are
Minnesota, Montana, North and South Dakota, 26 counties in
northwestern Wisconsin and the Upper Peninsula of Michigan. The
Wisconsin counties in the Ninth District are Ashland, Barron,
Bayfield, Buffalo, Burnett, Chippewa, Douglas, Dunn, Eau Claire,
Florence, Forest, Iron, La Crosse, Lincoln, Oneida, Pepin,
Pierce, Polk, Price, Rusk, Sawyer, St. Croix, Taylor,
Trempealeau, Vilas, and Washburn. The Ninth District stretches
1,800 miles from east to west. It covers 409,291 square miles
and is home to 8.4 million people. Although 12 percent of the
nation's land is in the Ninth District, only 3 percent of the
nation's population resides here.
- Federal Reserve Bank
of New York - The Federal
Reserve Bank of New York is one of 12 regional Reserve Banks
which, together with the Board of Governors in Washington, D.C.,
make up the Federal Reserve System. The "Fed," as the
system is commonly called, is an independent governmental entity
created by Congress in 1913 to serve as the central bank of the
United States. It is responsible for: formulating and executing
monetary policy; supervising and regulating depository
institutions; providing an elastic currency; assisting the
federal government's financing operations; and serving as the
banker for the U.S. government.
- Federal
Reserve Bank of Philadelphia - The Federal Reserve System, which
serves as the nation's central bank, comprises a Board of
Governors, based in Washington, D.C., and a network of 12
Reserve Banks. The Board, which is accountable to Congress,
oversees the activities of the Reserve Banks, although each has
its own board of directors, bylaws, and president. The Fed's
basic mission is to create the financial conditions that foster
economic growth: stable prices, sound banking practices, and a
reliable payments system. The Federal Reserve Bank of
Philadelphia is responsible for the Third District, which covers
eastern Pennsylvania, southern New Jersey, and the state of
Delaware. Like all Reserve Banks, the Philadelphia Fed has a
large and varied constituency, including depository
institutions, local businesses, consumers, investors, educators,
and community groups.
- Federal Reserve Bank of
Richmond - The Federal
Reserve Bank of Richmond and 11 other Federal Reserve Banks
nationwide, together with the Board of Governors in Washington
D.C., make up the Federal Reserve System, which is the nation's
central bank. Founded by Congress in 1913, the Fed's role is to
foster a stable economy and financial system. The Richmond Fed
is headquarters for the Fifth Federal Reserve District, which
includes Maryland, Virginia, North Carolina, South Carolina, and
most of West Virginia . In addition to the Richmond, Va.,
headquarters, branch offices are located in Baltimore, Md., and
Charlotte, N.C., and specialized check processing centers in
Charleston, W.Va., and Columbia, S.C. The Richmond Fed operates
with a regional perspective. They gather and analyze vital
economic data on the Fifth Federal Reserve District and
contribute to the formulation of national monetary policy. They
supervise and regulate banks and financial holding companies
headquartered in the Fifth District. They e process currency,
check and electronic payments for banks. And they provide
financial services to the U.S. Treasury.
- Federal
Reserve Bank of St. Louis - The
Federal Reserve Bank of St. Louis was established in 1914, after
the creation of the Federal Reserve System in 1913. The St.
Louis Fed is the headquarters of the Eighth Federal Reserve
District and has branches in Little Rock, Louisville and
Memphis. The District includes all of Arkansas and portions of
six other states: Missouri, Mississippi, Tennessee, Kentucky,
Indiana and Illinois. The St. Louis Bank serves most of eastern
Missouri and Southern Illinois.
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