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
