Federal banking is the term for the way the Federal Reserve distributes its money. The Reserve (often called the "Fed") operates twelve banking districts around the country which oversee money distribution within their respective districts. The twelve cities which are home to the Reserve Banks are Boston, New York, Philadelphia, Richmond, Atlanta, Dallas, Saint Louis, Cleveland, Chicago, Minneapolis, Kansas City, and San Francisco.
Famous quotes containing the words federal and/or banking:
“Goodbye, boys; I’m under arrest. I may have to go to jail. I may not see you for a long time. Keep up the fight! Don’t surrender! Pay no attention to the injunction machine at Parkersburg. The Federal judge is a scab anyhow. While you starve he plays golf. While you serve humanity, he serves injunctions for the money powers.”
—Mother Jones (1830–1930)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)