Central Bank of USA-The Federal Reserve System

Most of the global people do not know what is the name of the central bank of the USA.

The Federal Reserve System is the central bank of the United States of America (USA) which was founded by Congress to provide a safe, flexible and stable monetary and financial system.

 It was created on 23 December 1913.

Definition of A central bank:

is a bank under some degree of government control that is

generally charged with

• controlling the money supply (to a greater or lesser degree);

• providing price stability (influencing the price level);

• attaining economic output and employment goals;

• regulating commercial banks (and perhaps other depository and

nondepository financial institutions);

• stabilizing the macroeconomy (proactively and/or by acting as a

lender of last resort during financial crises);

• providing a payments system (check clearing and long-distance

payments).

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Issue new Federal Reserve notes (FRNs) in place of worn currency

• Clear checks

• Lend to banks within their districts

• Act as a liaison between the Fed and the business community

• Collect data on regional business and economic conditions

• Conduct monetary policy research

• Evaluate bank merger and new activities applications

• Examine bank holding companies and state-chartered member

banks. The Comptroller of the Currency is the primary regulator of

federally chartered banks. State regulators and the FDIC regulate state

banks that are not members of the Federal Reserve System.

Central banks also often act as the national government’s bankers by holding its

deposits and making payments on their behalf. During its 200-plus-year existence, the

The United States has had three different central banks and two periods, one short and one

extremely long, with no central bank.

Federal Reserve Act to serve as the nation's central bank. The Board of Governors

 in Washington, D.C., is an agency of the federal government and reports to and 

is directly accountable to Congress.

The Twelve Federal Reserve Districts

Federal Reserve Banks

01-Boston

Eric S. Rosengren

President

Federal Reserve Bank of Boston.

Bank Location

600 Atlantic Avenue

Boston, MA 02210

(617) 973-3000

Head office at Boston, Massachusetts.

No branches.

Covers the states of Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont; and all but Fairfield County in Connecticut.

Last Update: April 24, 2017

02-New York

John C. Williams

President

Federal Reserve Bank of New York

Bank Location

33 Liberty Street

New York, NY 10045

(212) 720-5000

Head office at New York, New York.

Covers the state of New York; Fairfield County in Connecticut; and 12 counties in northern New Jersey, and serves the Commonwealth of Puerto Rico and the U.S. Virgin Islands.

03-Philadelphia

Patrick T. Harker

President

Federal Reserve Bank of Philadelphia.

Bank Location

Ten Independence Mall

Philadelphia, PA 19106

(215) 574-6000

Head office at Philadelphia, Pennsylvania.

No branches.

Covers the state of Delaware; nine counties in southern New Jersey; and 48 counties in the eastern two-thirds of Pennsylvania.

04-Cleveland

Loretta J. Mester

President

Federal Reserve Bank of Cleveland

Bank Location

1455 East Sixth Street

Cleveland, OH 44114

(216) 579-2000

Head office at Cleveland, Ohio.

Branch Banks at Cincinnati, Ohio, and Pittsburgh, Pennsylvania.

Covers the state of Ohio; 56 counties in eastern Kentucky; 19 counties in western Pennsylvania; and 6 counties in northern West Virginia 

05-Richmond

Thomas I. Barkin

President and Chief Executive Officer

Federal Reserve Bank of Richmond

Bank Location

701 East Byrd Street

Richmond, VA 23219

(804) 697-8000

Head office at Richmond, Virginia.

Branch Banks at Baltimore, Maryland, and Charlotte, North Carolina.

Covers the states of Maryland, Virginia, North Carolina, and South Carolina; 49 counties constituting most of West Virginia; and the District of Columbia.

06-Atlanta

Raphael W. Bostic

President

Federal Reserve Bank of Atlanta

Bank Location

1000 Peachtree Street NE

Atlanta, GA 30309

(404) 498-8500

Head office at Atlanta, Georgia.

Branch Banks at Birmingham, Alabama; Jacksonville and Miami, Florida; Nashville, Tennessee; and New Orleans, Louisiana.

Covers the states of Alabama, Florida, and Georgia; 74 counties in the eastern two-thirds of Tennessee; 38 parishes of southern Louisiana; and 43 counties of southern Mississippi.

07-Chicago

Charles L. Evans

President

Federal Reserve Bank of Chicago

Bank Location

230 South LaSalle Street

Chicago, IL 60604

(312) 322-5322

Head office at Chicago, Illinois.

Branch Bank at Detroit, Michigan.

Covers the state of Iowa; 68 counties of northern Indiana; 50 counties of northern Illinois; 68 counties of southern Michigan; and 46 counties of southern Wisconsin.

08-St. Louis

James Bullard

President

Federal Reserve Bank of St. Louis

Bank Location

One Federal Reserve Bank Plaza

Broadway and Locust Streets

St. Louis, MO 63102

(314) 444-8444

Head office at St. Louis, Missouri.

Branch Banks at Little Rock, Arkansas; Louisville, Kentucky; and Memphis, Tennessee.

Covers the state of Arkansas; 44 counties in southern Illinois; 24 counties in southern Indiana; 64 counties in western Kentucky; 39 counties in northern Mississippi; 71 counties in central and eastern Missouri; the city of St. Louis; and 21 counties in western Tennessee.

09-Minneapolis

Neel Kashkari

President

Federal Reserve Bank of Minneapolis

Bank Location

90 Hennepin Avenue

Minneapolis, MN 55401

(612) 204-5000

Head office at Minneapolis, Minnesota.

Branch Bank at Helena, Montana.

Covers the states of Minnesota, Montana, North Dakota, and South Dakota; the Upper Peninsula of Michigan; and 26 counties in northern Wisconsin.

10-Kansas City

Esther L. George

President

Federal Reserve Bank of Kansas City

Bank Location

1 Memorial Drive

Kansas City, MO 64198

(816) 881-2000

Head office at Kansas City, Missouri.

Branch Banks at Denver, Colorado; Oklahoma City, Oklahoma; and Omaha, Nebraska.

Covers the states of Colorado, Kansas, Nebraska, Oklahoma, and Wyoming; 43 counties in western Missouri; and 14 counties in northern New Mexico.

11-Dallas

Robert S. Kaplan

President

Federal Reserve Bank of Dallas

Bank Location

2200 North Pearl Street

Dallas, TX 75201

(214) 922-6000

Head office at Dallas, Texas.

Branch Banks at El Paso, Houston, and San Antonio, Texas.

Covers the state of Texas; 26 parishes in northern Louisiana; and 18 counties in southern New Mexico.

12-San Francisco

Mary C. Daly

President

Federal Reserve Bank of San Francisco

Bank Location

101 Market Street

San Francisco, CA 94105

(415) 974-2000

Head office at San Francisco, California.

Branch Banks at Los Angeles, California; Portland, Oregon; 

Salt Lake City, Utah; and Seattle, Washington.

Covers the states of Alaska, Arizona, California, Hawaii, Idaho,

Nevada, Oregon, Utah, and Washington, and serves American Samoa,

Guam, and the Commonwealth of the Northern Mariana Islands.

Source: https://www.federalreserve.gov/aboutthefed/federal-reserve-system.htm