Federal Reserve Bank
The 12 Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The 12 federal reserve banks together divide the nation into 12 Federal Reserve Districts, the 12 banking districts created by the Federal Reserve Act of 1913. The twelve Federal Reserve Banks are jointly responsible for implementing the monetary policy set by the Federal Open Market Committee. Each federal reserve bank is also responsible for the regulation of the commercial banks within its own particular district.
Read more about Federal Reserve Bank: History, Function, Finances, Banks
Famous quotes containing the words federal, reserve and/or bank:
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—Herbert Hoover (1874–1964)
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—Edward Hoagland (b. 1932)
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—Herman Melville (1819–1891)