The Federal Reserve Bank ( FRB ; also the Federal Reserve Bank ) is a specific regional bank in the United States created on the basis of the Federal Reserve Act . 12 regional banks form the basis of the structure of the US Federal Reserve .
Banks have the status of an independent legal entity , but they report and report to the Fed Governing Council appointed by the US President and approved by the US Senate.
Federal Reserve Banks provide banking services to depository institutions and the federal government. They service the accounts of depository institutions and provide a variety of payment services, including collection of checks, electronic money transfer, distribution and accumulation (collection) of money (paper and coins). For the federal government, reserve banks act as fiscal agents (an institution that manages the state’s monetary funds, including: managing state accounts allocated to reflect tax and other budget revenues, as well as for public spending; storing official government reserves; managing external and internal public debt, in particular, organizing the placement of government bonds and other similar government securities; such an agent performs a central bank). [one]
A network of 12 banks and 25 branches throughout the country performs the functions of the Fed in the states assigned to each bank, named after the cities in which their headquarters are located (San Francisco, Kansas City, etc.).
Each Federal Reserve Bank has its own board of governors (a full list of members of the Board of Governors of the Federal Reserve Bank can be found here [2] ), consisting of 9 members and divided into classes A, B and C, three people each [3] :
- 3 class A managers are selected by the member banks of the Fed from among their own representatives (one from large banks [4] , one from medium, one from small).
- 3 class B managers are selected by the member banks of the Fed from among people who do not work in the banking system (one from large banks, one from medium banks, one from small banks). None of the class B managers may be an official, manager or employee of any other bank.
- 3 class C managers are appointed by the Fed Board of Governors. Like class B managers, they do not have the right to be an officer, manager, employee, or shareholder of any other bank. [five]
The president of each regional office is appointed with the consent of the Board of Governors of the Fed.
Each region has a digital and alphabetic designation in alphabetical order according to the list:
| Territory Number | Letter | Center location | Federal Reserve Bank | Site |
|---|---|---|---|---|
| one | A | Boston | Federal Reserve Bank of Boston | http://www.bos.frb.org |
| 2 | B | New York | Federal Reserve Bank of New York | http://www.newyorkfed.org |
| 3 | C | Philadelphia | Federal Reserve Bank of Philadelphia | http://www.philadelphiafed.org |
| four | D | Cleveland | Cleveland Federal Reserve Bank | http://www.clevelandfed.org |
| five | E | Richmond | Richmond Federal Reserve Bank | http://www.richmondfed.org |
| 6 | F | Atlanta | Atlanta Federal Reserve Bank | http://www.frbatlanta.org |
| 7 | G | Chicago | Federal Reserve Bank of Chicago | http://www.chicagofed.org |
| eight | H | St louis | Federal Reserve Bank of St. Louis | http://www.stlouisfed.org |
| 9 | I | Minneapolis | Federal Reserve Bank of Minneapolis | http://www.minneapolisfed.org |
| ten | J | Kansas city | Kansas City Federal Reserve Bank | http://www.kansascityfed.org |
| eleven | K | Dallas | Dallas Federal Reserve Bank | http://www.dallasfed.org |
| 12 | L | San Francisco | Federal Reserve Bank of San Francisco | http://www.frbsf.org |
Functions of the Fed Regional Offices
- set interest rates with the permission of the Board of Governors of the Fed;
- monitor the status of local economic and financial institutions;
- Provide financial services to the US Government and other depositories.