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:
“[M]y conception of liberty does not permit an individual citizen or a group of citizens to commit acts of depredation against nature in such a way as to harm their neighbors and especially to harm the future generations of Americans. If many years ago we had had the necessary knowledge, and especially the necessary willingness on the part of the Federal Government, we would have saved a sum, a sum of money which has cost the taxpayers of America two billion dollars.”
—Franklin D. Roosevelt (1882–1945)
“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)