A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows:
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Located at 33 Liberty Street in Lower Manhattan, it is the largest, the most active, and the most influential of the Reserve Banks.
The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except Fairfield County. The code of the Bank is A1, meaning that dollar bills from this Bank will have the letter A on them. The Boston Fed describes its mission as promoting "growth and financial stability in New England and the nation". The Boston Fed also includes the New England Public Policy Center.
The Federal Reserve Bank of Kansas City is located in Kansas City, Missouri, and covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico. It is second only to the Federal Reserve Bank of San Francisco in size of geographic area served. Missouri is the only state with two main Federal Reserve Banks; the other is located in St. Louis.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks.
The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh. The check processing center in Columbus, Ohio, was closed in 2005. The chief executive officer and president is Loretta Mester.
The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District of the United States, which includes Texas, northern Louisiana and southern New Mexico, a district sometimes referred to as the Oil Patch. The Federal Reserve Bank of Dallas is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the U.S. central bank. The Dallas Fed is the only one where all external branches reside in the same state . The Dallas Fed has branch offices in El Paso, Houston, and San Antonio. The Dallas bank is located at 2200 Pearl St. in the Uptown neighborhood of Oak Lawn, just north of downtown Dallas and the Dallas Arts District. Prior to 1992, the bank was located at 400 S. Akard Street, in the Government District in Downtown Dallas. The older Dallas Fed building, which opened in 1921, was built in the Beaux-arts style, with large limestone structure with massive carved eagles and additional significant detailing; it is a City of Dallas Designated Landmark structure. The current Dallas Fed building, opened in September 1992, was designed by three architectural firms: Kohn Pedersen Fox Associates, New York; Sikes Jennings Kelly & Brewer, Houston; and John S. Chase, FAIA, Dallas and Houston, Dallas-based Austin Commercial Inc. served as project manager and general contractor.
The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia excluding the Northern Panhandle. Branch offices are located in Baltimore, Maryland and Charlotte, North Carolina. Thomas I. Barkin became president of the Richmond Fed following the retirement of Jeffrey M. Lacker in April 2017. The previous president, J. Alfred Broaddus, retired in 2004.
The Federal Reserve Bank of Chicago is one of twelve Federal Reserve Banks that, along with the Federal Reserve Board of Governors, make up the Federal Reserve System, the United States' central bank. The Chicago Fed serves the Seventh District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.
The Federal Reserve Bank of Atlanta,, is the sixth district of the 12 Federal Reserve Banks of the United States and is headquartered in midtown Atlanta, Georgia.
The Federal Reserve Bank of Cleveland Pittsburgh Branch Office is one of two Federal Reserve Bank of Cleveland branch offices. The Pittsburgh Office of the Federal Reserve Bank of Cleveland hosts one of two savings bonds processing sites in the nation. The Pittsburgh branch presides over Jefferson, Monroe and Belmont counties in Ohio, Wetzel, Tyler, Pleasants, Marshall, Ohio, Brooke and Hancock counties in West Virginia, and all of Western Pennsylvania. In 1915 it was revealed that the Pittsburgh branch location was to be the new home of a relocated Cleveland Fed District with a majority vote secured on the board of governors, but the U.S. Attorney General at the time nixed moving the Cleveland, Kansas City, Minneapolis, Boston and Atlanta Federal Reserve Districts, stating that it would instead take an act of Congress to move those district headquarters. Pittsburgh remained a branch location only.
The Federal Reserve Bank of Richmond Baltimore Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond's Baltimore Branch is an operational and regional center for Maryland, the metropolitan Washington D.C. area, Northern Virginia, and northeastern West Virginia. The Baltimore branch is part of the Fifth District and has the code E5. It supports Check 21 operations, supplies coin and currency to financial institutions and works to maintain stability in the financial sector throughout the Fifth District and also works with local elected officials and non-profit organizations to support fair housing initiatives throughout the Fifth District. The Baltimore branch was founded in March 1918 and is currently headed by William R. Roberts.
The Federal Reserve Bank of Richmond Charlotte Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. Established in 1927, The Federal Reserve Bank of Richmond's Charlotte Branch is an operational and regional center for the Carolinas, including the nation's second largest financial center in Charlotte, North Carolina. They promote the safety and soundness of large bank holding companies headquartered in Charlotte. They distribute currency and coin to financial institutions in our region and provide check adjustment services for the Federal Reserve System. Their public programs include forums and conferences, economic education outreach, tours and a speakers’ bureau.
The Federal Reserve Bank of Atlanta Birmingham Branch Office is one of the five Federal Reserve Bank of Atlanta branch offices. The Birmingham branch is part of the 6th District.
The Federal Reserve Bank of Atlanta Jacksonville Branch Office is one of the five Federal Reserve Bank of Atlanta branch offices. The Jacksonville branch is part of the 6th District.
The Federal Reserve Bank of Atlanta Miami Branch Office is one of the five Federal Reserve Bank of Atlanta branch offices. The Miami branch is part of the 6th District.
The Federal Reserve Bank of Atlanta Nashville Branch Office is one of the five Federal Reserve Bank of Atlanta branch offices. The Nashville branch is part of the 6th District.
Raphael W. Bostic is an American economist, academic, and public servant who has served as the 15th president and CEO of the Federal Reserve Bank of Atlanta since 2017. During his academic career, Bostic served as chair of the Department of Governance, Management, and the Policy Process at the Price School of Public Policy at the University of Southern California.
Thomas I. Barkin is an American central banker, who became the eighth president and CEO of the Federal Reserve Bank of Richmond on January 1, 2018. He worked at global management consulting firm McKinsey & Company for 30 years in increasingly senior positions, including as global chief financial officer (CFO) and chief risk officer, with oversight of finance, legal and information technology functions, among others. He also served on the executive committee of the Metro Atlanta Chamber of Commerce, as an Emory University Board of Trustees member, and former board member and chairman of the Federal Reserve Bank of Atlanta.
