Federal Reserve Districts
The Federal Reserve System is the central banking system of the United States. It is composed of twelve regional Federal Reserve Banks, each of which is responsible for a particular geographic area. These twelve Federal Reserve Districts are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Each Federal Reserve Bank is responsible for conducting monetary policy, supervising and regulating financial institutions, providing payment services to financial institutions and the U.S. government, and providing consumer protection and community development services.
History of Federal Reserve Districts
The Federal Reserve System was created in 1913 with the passage of the Federal Reserve Act. The Act established the Federal Reserve Board, which was responsible for setting monetary policy and regulating the banking system. The Federal Reserve Board was also responsible for creating the twelve Federal Reserve Districts, which were designed to provide a more localized approach to monetary policy and banking regulation. Each Federal Reserve District is headed by a Federal Reserve Bank, which is responsible for conducting monetary policy, supervising and regulating financial institutions, providing payment services to financial institutions and the U.S. government, and providing consumer protection and community development services.
Comparison of Federal Reserve Districts
| District | Number of Banks | Number of Branches |
|---|---|---|
| Boston | 7 | 25 |
| New York | 14 | 50 |
| Philadelphia | 7 | 25 |
| Cleveland | 6 | 20 |
| Richmond | 7 | 25 |
| Atlanta | 7 | 25 |
| Chicago | 14 | 50 |
| St. Louis | 7 | 25 |
| Minneapolis | 7 | 25 |
| Kansas City | 7 | 25 |
| Dallas | 7 | 25 |
| San Francisco | 7 | 25 |
Summary
The Federal Reserve System is the central banking system of the United States. It is composed of twelve regional Federal Reserve Banks, each of which is responsible for a particular geographic area. These twelve Federal Reserve Districts are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. Each Federal Reserve Bank is responsible for conducting monetary policy, supervising and regulating financial institutions, providing payment services to financial institutions and the U.S. government, and providing consumer protection and community development services. For more information about Federal Reserve Districts, please visit the Federal Reserve System website or the websites of the individual Federal Reserve Banks.
See Also
- Federal Reserve System
- Monetary Policy
- Banking Regulation
- Payment Services
- Consumer Protection
- Community Development
- Federal Reserve Board
- Federal Reserve Banks
- Interest Rates
- Money Supply
