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:
“There are always those who are willing to surrender local self-government and turn over their affairs to some national authority in exchange for a payment of money out of the Federal Treasury. Whenever they find some abuse needs correction in their neighborhood, instead of applying the remedy themselves they seek to have a tribunal sent on from Washington to discharge their duties for them, regardless of the fact that in accepting such supervision they are bartering away their freedom.”
—Calvin Coolidge (1872–1933)
“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)