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Where can I find information about research papers and articles published by the Board of Governors and the Federal Reserve Banks?
For a searchable database of Federal Reserve economic research publications, see Fed in Print on the web site of the Federal Reserve Bank of San Francisco.
For a searchable database of Federal Reserve economic research publications, see Fed in Print on the web site of the Federal Reserve Bank of San Francisco.
What are Federal Reserve Banks?
Federal Reserve Banks were established by Congress as the operating arms of the nation's central banking system. Many of the services provided to depository institutions and the federal government by this network of Reserve Banks are similar to services provided by commercial banks and thrift institutions to business customers and individuals. Reserve Banks
Federal Reserve Banks were established by Congress as the operating arms of the nation's central banking system. Many of the services provided to depository institutions and the federal government by this network of Reserve Banks are similar to services provided by commercial banks and thrift institutions to business customers and individuals. Reserve Banks
- hold the cash reserves of depository
institutions and make loans to them
- move
currency and coin into and out of circulation, and collect
and process millions of checks each day
- provide checking accounts for
the Treasury, issue and redeem government securities, and
act in other ways as fiscal agent for the U.S.
government
- supervise and examine commercial
banks that are members of the Federal Reserve System for
safety and soundness
- participate in the activity that is the primary responsibility of the Federal Reserve System, the setting of monetary policy.
How many Federal Reserve Banks are there, and where are they located?
There are twelve Federal Reserve Banks, one in each of the twelve Federal Reserve Districts (see map of the Federal Reserve System). The District boundaries follow state lines, with some exceptions:
There are twelve Federal Reserve Banks, one in each of the twelve Federal Reserve Districts (see map of the Federal Reserve System). The District boundaries follow state lines, with some exceptions:
- 1st District, Boston. Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont
- 2nd District, New York. New York State, twelve counties in northern New Jersey, Fairfield County in Connecticut, Puerto Rico, and the Virgin Islands
- 3rd District, Philadelphia. Eastern Pennsylvania, southern New Jersey, and all of Delaware
- 4th District, Cleveland. Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
- 5th District, Richmond. Maryland, Virginia, North Carolina, South Carolina, and most of West Virginia
- 6th District, Atlanta. Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee
- 7th District, Chicago. Iowa and most of Illinois, Indiana, Michigan, and Wisconsin
- 8th District, St. Louis. Arkansas and portions of six other states: Missouri, Mississippi, Tennessee, Kentucky, Indiana, and Illinois
- 9th District, Minneapolis. Minnesota, Montana, North Dakota, South Dakota, twenty-six counties in northwestern Wisconsin, and the Upper Peninsula of Michigan
- 10th District, Kansas City. Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico, and Western Missouri
- 11th District, Dallas. Texas, northern Louisiana, and southern New Mexico
- 12th District, San Francisco. Nine western states--Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington--and American Samoa, Guam, and the Northern Mariana Islands
Why is there only one District for the West Coast and more Districts toward the East and Midwest?
The location of Federal Reserve District boundaries, and of the Banks within the Districts, was determined mostly by the geographic distribution of the U.S. population at the time the Federal Reserve System was created (1913), to accommodate local needs.
The location of Federal Reserve District boundaries, and of the Banks within the Districts, was determined mostly by the geographic distribution of the U.S. population at the time the Federal Reserve System was created (1913), to accommodate local needs.
Over time,
Branches of the Reserve Banks have been added to
accommodate changing needs. The Federal Reserve Bank of
San Francisco, for example, has four Branches--in Seattle,
Portland, Salt Lake City, and Los Angeles.
How do Federal Reserve Banks differ from commercial banks?
Federal Reserve Banks are the fiscal agents for the U.S. Treasury, which means that they are the federal government's bank. The Reserve Banks offer many services to financial institutions, which makes them bankers' banks.
Federal Reserve Banks are the fiscal agents for the U.S. Treasury, which means that they are the federal government's bank. The Reserve Banks offer many services to financial institutions, which makes them bankers' banks.
For more information, see The Federal Reserve System:
Purposes and Functions, on the Board of Governors' web
site.
Who are the Federal Reserve Bank presidents?
Under the Federal Reserve Act, the president of a Federal Reserve Bank is the chief executive officer of the Bank. He or she is appointed by the Bank's board of directors, with the approval of the Board of Governors, for a term of five years.
Under the Federal Reserve Act, the president of a Federal Reserve Bank is the chief executive officer of the Bank. He or she is appointed by the Bank's board of directors, with the approval of the Board of Governors, for a term of five years.
The terms of the presidents of the twelve Reserve Banks run concurrently, ending on the last day of February in years ending with 1 and 6 (for example, 2001, 2006, and 2011). The appointment of a president who takes office after a term has begun ends with the end of that term. A Reserve Bank president may be reappointed after serving a full term or a partial term. Reserve Bank presidents are subject to mandatory retirement upon becoming 65 years of age. However, a president initially appointed after age 55 may, at the option of the Bank's board of directors, serve until attaining ten years of service in the office or age 70, whichever comes first.
Current Reserve Bank presidents
Are Federal Reserve Bank employees considered government employees?
No. Employees of the Federal Reserve Banks are not government employees. They are paid as part of the expenses of their employing Reserve Bank.
No. Employees of the Federal Reserve Banks are not government employees. They are paid as part of the expenses of their employing Reserve Bank.
How many checks are processed by the Federal Reserve Banks?
Information on check processing and other Federal Reserve Bank activities is reported in the Board of Governors' Annual Report (see Statistical Table 8, Operations in Principal Departments of the Federal Reserve Banks).
Information on check processing and other Federal Reserve Bank activities is reported in the Board of Governors' Annual Report (see Statistical Table 8, Operations in Principal Departments of the Federal Reserve Banks).
What is the 'Beige Book?'
The Summary of Commentary on Current Economic Conditions by Federal Reserve District, commonly known as the Beige Book, is a report published eight times per year prior to Federal Open Market Committee (FOMC) meetings. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.
Access the Beige Book from the following sites:
Board of Governors This site has complete Beige Book contents going back to 1996.
Beige Book Archive This Minneapolis Fed site has Beige Book contents going back to 1970.
The Summary of Commentary on Current Economic Conditions by Federal Reserve District, commonly known as the Beige Book, is a report published eight times per year prior to Federal Open Market Committee (FOMC) meetings. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.
Access the Beige Book from the following sites:
Board of Governors This site has complete Beige Book contents going back to 1996.
Beige Book Archive This Minneapolis Fed site has Beige Book contents going back to 1970.
Where can I find a list of Federal Reserve Bank holidays?
A list of the holidays observed by Federal Reserve Banks and the Board of Governors of the Federal Reserve System is available on the Board of Governors' website.
A list of the holidays observed by Federal Reserve Banks and the Board of Governors of the Federal Reserve System is available on the Board of Governors' website.
How are board of directors appointed to the Federal
Reserve Banks?
Reserve Bank boards of directors are divided into three classes of three persons each. Class A directors represent the member commercial banks in the District, and most are bankers. Class B and class C directors are selected to represent the public, with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Class A and class B directors are elected by member banks in the District, while class C directors are appointed by the System's Board of Governors in Washington. All head office directors serve three-year terms. Two directors of each Bank are designated by the Board of Governors as chairman and deputy chairman of their nine-member board for one-year terms. The Board of Governors' website has additional information on the selection and responsibilities of Federal Reserve Bank directors.
Reserve Bank boards of directors are divided into three classes of three persons each. Class A directors represent the member commercial banks in the District, and most are bankers. Class B and class C directors are selected to represent the public, with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Class A and class B directors are elected by member banks in the District, while class C directors are appointed by the System's Board of Governors in Washington. All head office directors serve three-year terms. Two directors of each Bank are designated by the Board of Governors as chairman and deputy chairman of their nine-member board for one-year terms. The Board of Governors' website has additional information on the selection and responsibilities of Federal Reserve Bank directors.
Does the Federal Reserve control or set the prime rate?
No. Banks set their own rates based on the demand for various kinds of loans, on the cost of money to the banks, and on the administrative costs of making loans.
No. Banks set their own rates based on the demand for various kinds of loans, on the cost of money to the banks, and on the administrative costs of making loans.
What were the opening dates for the Federal Reserve Banks
and their branches?
Federal Reserve System - Office openings
Atlanta - May 18, 1914
Chicago - May 18, 1914
Richmond - May 18, 1914
Federal Reserve System - Office openings
Atlanta - May 18, 1914
- Birmingham - August 1, 1918
- Jacksonville - August 1, 1918
- Miami - October 1, 1971 - recognized as full
branch by BOG - March 24, 1975
- Nashville - October 21, 1918
- New Orleans - September 10, 1915 - System's
First
Branch
Chicago - May 18, 1914
- Detroit - 1927
- Cincinnati - 1918
- Pittsburgh - 1918
- El Paso - 1918
- Houston - 1919
- San Antonio - 1927
- Denver - January 14, 1918
- Oklahoma City - August 2, 1920
- Omaha - September 4, 1917
- Helena - 1921
- Buffalo - 1919
Richmond - May 18, 1914
- Baltimore - March 1918
- Charlotte - December 1927
- Little Rock - September 2, 1918
- Louisville - December 3, 1917
- Memphis - September 2, 1918
- Los Angeles - January 2, 1920
- Portland - 1917
- Salt Lake City - April 1, 1918
- Seattle - September 9, 1917
Whom should we contact about Federal Reserve financial
services?
The Federal Reserve Bank of Atlanta's Customer Support Center responds to questions about financial institution accounts and cash and check services and can be reached at (877) 553-9735.
The Federal Reserve Bank of Atlanta's Customer Support Center responds to questions about financial institution accounts and cash and check services and can be reached at (877) 553-9735.
