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<span>Legal status</span> </div> </a> <ul id="toc-Legal_status-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Function" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Function"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Function</span> </div> </a> <ul id="toc-Function-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Finances" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Finances"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Finances</span> </div> </a> <ul id="toc-Finances-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Banks" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Banks"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Banks</span> </div> </a> <button 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<span>General and cited sources</span> </div> </a> <ul id="toc-General_and_cited_sources-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" 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Available in 8 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-8" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">8 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%91%D0%B0%D0%BD%D0%BA%D0%B0_%D0%BD%D0%B0_%D0%A4%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D0%BD%D0%B8%D1%8F_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2" title="Банка на Федералния резерв – Bulgarian" lang="bg" hreflang="bg" data-title="Банка на Федералния резерв" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-de badge-Q70894304 mw-list-item" title=""><a href="https://de.wikipedia.org/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank – German" lang="de" hreflang="de" data-title="Federal Reserve Bank" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Banco_de_la_Reserva_Federal" title="Banco de la Reserva Federal – Spanish" lang="es" hreflang="es" data-title="Banco de la Reserva Federal" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Federal_Reserve_Bank" title="Federal Reserve Bank – French" lang="fr" hreflang="fr" data-title="Federal Reserve Bank" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A4%D0%B5%D0%B4%D0%B5%D1%80%D0%B0%D0%BB%D1%8C%D0%BD%D1%8B%D0%B9_%D1%80%D0%B5%D0%B7%D0%B5%D1%80%D0%B2%D0%BD%D1%8B%D0%B9_%D0%B1%D0%B0%D0%BD%D0%BA" title="Федеральный резервный банк – Russian" lang="ru" hreflang="ru" data-title="Федеральный резервный банк" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%95%E0%AF%82%E0%AE%9F%E0%AF%8D%E0%AE%9F%E0%AE%B0%E0%AE%9A%E0%AF%81_%E0%AE%9A%E0%AF%87%E0%AE%AE%E0%AE%BF%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AF%81_%E0%AE%B5%E0%AE%99%E0%AF%8D%E0%AE%95%E0%AE%BF" title="கூட்டரசு சேமிப்பு வங்கி – Tamil" lang="ta" hreflang="ta" 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Districts</a>)</span></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">American central banking institution</div> <p class="mw-empty-elt"> </p> <figure class="mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png/350px-Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png" decoding="async" width="350" height="223" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png/525px-Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8a/Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png/700px-Federal_Reserve_Districts_Map_-_Banks_%26_Branches.png 2x" data-file-width="2000" data-file-height="1272" /></a><figcaption>Map of the twelve Federal Reserve Districts, with the twelve Federal Reserve Districts enumerated in black circles and the twelve Federal Reserve Banks marked as black squares. Branches within each district are marked as red circles. The Washington, D.C. headquarters is marked with a star enclosed in a black circle.</figcaption></figure> <p>A <b>Federal Reserve Bank</b> is a regional bank of the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a>, the <a href="/wiki/Central_bank" title="Central bank">central banking</a> system of the United States. There are twelve in total, one for each of the twelve <b>Federal Reserve Districts</b> that were created by the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> of 1913.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The banks are jointly responsible for implementing the <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> set forth by the <a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a>, and are divided as follows: </p> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 30em;"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Federal Reserve Bank of Boston</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Federal Reserve Bank of Philadelphia</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Federal Reserve Bank of Cleveland</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Federal Reserve Bank of Richmond</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Federal Reserve Bank of Atlanta</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Federal Reserve Bank of Chicago</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">Federal Reserve Bank of St. Louis</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Federal Reserve Bank of Minneapolis</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Federal Reserve Bank of Kansas City</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Federal Reserve Bank of Dallas</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">Federal Reserve Bank of San Francisco</a></li></ul></div> <p>Some banks also possess <a href="/wiki/List_of_Federal_Reserve_branches" title="List of Federal Reserve branches">branches</a>, with the whole system being headquartered at the <a href="/wiki/Eccles_Building" title="Eccles Building">Eccles Building</a> in <a href="/wiki/Washington,_D.C." title="Washington, D.C.">Washington, D.C.</a> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">History of central banking in the United States</a></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Federal_Reserve_Bank" title="Special:EditPage/Federal Reserve Bank">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Federal+Reserve+Bank%22">"Federal Reserve Bank"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Federal+Reserve+Bank%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Federal+Reserve+Bank%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Federal+Reserve+Bank%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Federal+Reserve+Bank%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Federal+Reserve+Bank%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">April 2014</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:US_Federal_Reserve_Banks_collage_1936.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/US_Federal_Reserve_Banks_collage_1936.jpg/220px-US_Federal_Reserve_Banks_collage_1936.jpg" decoding="async" width="220" height="162" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6b/US_Federal_Reserve_Banks_collage_1936.jpg/330px-US_Federal_Reserve_Banks_collage_1936.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6b/US_Federal_Reserve_Banks_collage_1936.jpg/440px-US_Federal_Reserve_Banks_collage_1936.jpg 2x" data-file-width="7134" data-file-height="5249" /></a><figcaption>The twelve Reserve Bank buildings in 1936</figcaption></figure> <p>The Federal Reserve Banks are the most recent institutions that the United States government has created to provide functions of a central bank. Prior institutions have included the <a href="/wiki/First_Bank_of_the_United_States" title="First Bank of the United States">First</a> (1791–1811) and <a href="/wiki/Second_Bank_of_the_United_States" title="Second Bank of the United States">Second</a> (1818–1824) Banks of the United States, the <a href="/wiki/Independent_Treasury" title="Independent Treasury">Independent Treasury</a> (1846–1920) and the <a href="/wiki/National_Bank_Act" title="National Bank Act">National Banking System</a> (1863–1935). Several policy questions have arisen with these institutions, including the degree of influence by private interests, the balancing of regional economic concerns, the prevention of financial panics, and the type of reserves used to back currency.<sup id="cite_ref-wells_2-0" class="reference"><a href="#cite_note-wells-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>A financial crisis known as the <a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a> threatened several New York banks with failure, an outcome avoided through loans arranged by banker <a href="/wiki/J._P._Morgan" title="J. P. Morgan">J. P. Morgan</a>. Morgan succeeded in restoring confidence to the New York banking community, but the panic revealed weaknesses in the U.S. financial system, such that a private banker could dictate the terms of a bank's survival.<sup id="cite_ref-Carosso_3-0" class="reference"><a href="#cite_note-Carosso-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> In other parts of the country, clearing houses briefly issued their own money notes to carry on business. In response, Congress formed the <a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> to investigate options for providing currency and credit in future panics. Based on the Commission's findings and other proposals, Congress established the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a> in which several Federal Reserve Banks would provide liquidity to banks in different regions of the country.<sup id="cite_ref-wells_2-1" class="reference"><a href="#cite_note-wells-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The Federal Reserve Banks opened for business in November 1914.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Legal_status">Legal status</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=2" title="Edit section: Legal status"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Reserve Banks are organized as self-financing <a href="/wiki/Corporation" title="Corporation">corporations</a> and empowered by Congress to distribute currency and regulate its value under policies set by the Federal Open Market Committee and the <a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Board of Governors</a>. Their corporate structure reflects the concurrent interests of the government and the member banks, but neither of these interests amounts to outright ownership. </p><p>Legal cases involving the Federal Reserve Banks have concluded that they are "private", but can be held or deemed as "governmental" depending on the particular law at issue. In <i>United States Shipping Board Emergency Fleet Corporation v. Western Union Telegraph Co.</i>,<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> the U.S. Supreme Court stated, "Instrumentalities like the national banks or the federal reserve banks, in which there are private interests, are not departments of the government. They are private corporations in which the government has an interest." The United States has an interest in the Federal Reserve Banks as tax-exempt federally created instrumentalities whose profits belong to the federal government, but this interest is not proprietary.<sup id="cite_ref-Scott_8th_Cir._2005_6-0" class="reference"><a href="#cite_note-Scott_8th_Cir._2005-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> In <i>Lewis v. United States</i>,<sup id="cite_ref-Lewis-vs-U.S._7-0" class="reference"><a href="#cite_note-Lewis-vs-U.S.-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/United_States_Court_of_Appeals_for_the_Ninth_Circuit" title="United States Court of Appeals for the Ninth Circuit">United States Court of Appeals for the Ninth Circuit</a> stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the <a href="/wiki/Federal_Tort_Claims_Act" title="Federal Tort Claims Act">Federal Tort Claims Act</a>], but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some purposes," such as anti-bribery law. Another relevant decision is <i>Scott v. Federal Reserve Bank of Kansas City</i>,<sup id="cite_ref-Scott_8th_Cir._2005_6-1" class="reference"><a href="#cite_note-Scott_8th_Cir._2005-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> in which the distinction is made between Federal Reserve Banks, which are federally created instrumentalities, and the Board of Governors, which is a federal agency. </p><p>The original Federal Reserve Act provided starting capital for the Reserve Banks by requiring the participating banks to purchase stock in a Reserve Bank in proportion to their assets. This stock pays a dividend out of the Reserve Bank's earnings but otherwise is quite different from <a href="/wiki/Common_stock" title="Common stock">common stock</a> in a private corporation. It may not be traded, transferred or borrowed against, and it grants no ownership of the Reserve Bank's surplus.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> A bank's stock ownership does not give it proportional voting power to choose the Reserve Bank's directors; instead, each member bank receives three <a href="/wiki/Ranked_voting" title="Ranked voting">ranked votes</a> for six of the Reserve Bank's nine directors, who are subject to qualifications defined in the Federal Reserve Act. If a Reserve Bank were ever dissolved or liquidated, the Act states that members would be eligible to redeem their stock up to its purchase value, while any remaining surplus would belong to the federal government.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>Regarding the structural relationship between the twelve Federal Reserve banks and the commercial (member) banks, political science professor Michael D. Reagan explains that,<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>the "ownership" of the Reserve Banks by the commercial banks is symbolic; they do not exercise the proprietary control associated with the concept of ownership nor share, beyond the statutory dividend, in Reserve Bank "profits." ... Bank ownership and election at the base are therefore devoid of substantive significance, despite the superficial appearance of private bank control that the formal arrangement creates.</p></blockquote> <div class="mw-heading mw-heading2"><h2 id="Function">Function</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=3" title="Edit section: Function"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve Banks offer various services to the federal government and the private sector:<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Acting as depositories for bank reserves</li> <li>Lending to banks to cover short-term fund deficits, seasonal business cycles, or extraordinary liquidity demands (i.e. <a href="/wiki/Bank_run" title="Bank run">runs</a>)</li> <li>Collecting and clearing payments between banks</li> <li>Issuing <a href="/wiki/Banknote" title="Banknote">banknotes</a> for general circulation as currency</li> <li>Administering the deposit accounts of the federal government</li> <li>Conducting auctions and buybacks of federal debt</li> <li>Purchasing obligations of non-bank entities via emergency credit facilities authorized by the Board of Governors</li></ul> <p>Historically the Reserve Banks compensated member banks for keeping reserves on deposit (and therefore unavailable for lending) by paying them a dividend from earnings, limited by law to 6 percent. The <a href="/wiki/Emergency_Economic_Stabilization_Act" class="mw-redirect" title="Emergency Economic Stabilization Act">Emergency Economic Stabilization Act</a> (EESA) of 2008 additionally authorized the Reserve Banks to pay interest on member bank reserves, while the <a href="/wiki/Fixing_America%27s_Surface_Transportation_Act" title="Fixing America's Surface Transportation Act">FAST Act</a> of 2015 imposed an additional dividend limit equal to the yield determined in the most recent 10-year <a href="/wiki/Treasury_Note" class="mw-redirect" title="Treasury Note">Treasury Note</a> auction. </p><p>Although all Reserve Banks have the legal authority to conduct open-market operations, in practice only the Reserve Bank of New York does so. It manages the <a href="/wiki/System_Open_Market_Account" title="System Open Market Account">System Open Market Account</a> (SOMA), a portfolio of government-issued or government-guaranteed securities that is shared among all of the Reserve Banks.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Finances">Finances</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=4" title="Edit section: Finances"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Federal Reserve Banks fund their own operations, primarily by distributing the earnings from the System Open Market Account. Expenses and dividends paid are typically a small fraction of a Federal Reserve Bank's revenue each year.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The banks may retain part of their earnings in their own surplus funds that are limited to $7.5 billion, system-wide. The rest must be transferred via the Board of Governors to the Secretary of the Treasury, who then deposits it to the Treasury's general fund.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> When a Reserve Bank's earnings are insufficient to cover its expenses and dividends, it introduces a deferred asset on its books to be realized from future earnings.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>The Reserve Banks were historically capitalized through deposits of gold, and in 1933 all privately held monetary gold was transferred to them under <a href="/wiki/Executive_Order_6102" title="Executive Order 6102">Executive Order 6102</a>. This gold was in turn transferred to the Treasury under the <a href="/wiki/Gold_Reserve_Act_of_1934" class="mw-redirect" title="Gold Reserve Act of 1934">Gold Reserve Act of 1934</a> in exchange for <a href="/wiki/Gold_certificate_(United_States)" title="Gold certificate (United States)">gold certificates</a> that may not be redeemed under current law. The Reserve Banks continue to report these certificates as assets, but they do not represent direct gold ownership and the Board of Governors has stated that "the Federal Reserve does not own gold."<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Although the Reserve Banks operate as distinct financial entities, they participate each April in an interdistrict settlement process that has three purposes: settling the payment balances that the Reserve Banks owe each other; allocating ownership of the SOMA portfolio; and establishing uniform gold certificate backing for Federal Reserve Notes. This process connects the Reserve Banks' different functions – monetary policy, payment clearing and currency issue – as an integrated system.<sup id="cite_ref-wolman_19-0" class="reference"><a href="#cite_note-wolman-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>The Federal Reserve Banks conduct ongoing internal <a href="/wiki/Financial_audit" title="Financial audit">audits</a> of their operations to ensure that their accounts are accurate and comply with the Federal Reserve System's accounting principles. The banks are also subject to two types of external auditing. Since 1978 the <a href="/wiki/Government_Accountability_Office" title="Government Accountability Office">Government Accountability Office</a> (GAO) has conducted regular audits of the banks' operations. The GAO audits are reported to the public, but they may not review a bank's monetary policy decisions or disclose them to the public.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Since 1999 each bank has also been required to submit to an annual audit by an external accounting firm,<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> which produces a confidential report to the bank and a summary statement for the bank's annual report. Some members of Congress continue to advocate a more public and intrusive GAO audit of the Federal Reserve System,<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> but Federal Reserve representatives support the existing restrictions to prevent political influence over long-range economic decisions.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Banks">Banks</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=5" title="Edit section: Banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:33_Liberty_Street_IMG_9058_stitched.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/33_Liberty_Street_IMG_9058_stitched.jpg/220px-33_Liberty_Street_IMG_9058_stitched.jpg" decoding="async" width="220" height="163" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a9/33_Liberty_Street_IMG_9058_stitched.jpg/330px-33_Liberty_Street_IMG_9058_stitched.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a9/33_Liberty_Street_IMG_9058_stitched.jpg/440px-33_Liberty_Street_IMG_9058_stitched.jpg 2x" data-file-width="2973" data-file-height="2196" /></a><figcaption>The Federal Reserve Bank of New York holds special status in the system.</figcaption></figure> <p>The Federal Reserve officially identifies Districts by number and Reserve Bank city.<sup id="cite_ref-federalreserve2005_25-0" class="reference"><a href="#cite_note-federalreserve2005-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <ul><li>1st District (A): <a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Federal Reserve Bank of Boston</a></li> <li>2nd District (B): <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a></li> <li>3rd District (C): <a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Federal Reserve Bank of Philadelphia</a></li> <li>4th District (D): <a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Federal Reserve Bank of Cleveland</a>, with branches in <a href="/wiki/Cincinnati" title="Cincinnati">Cincinnati, Ohio</a> and <a href="/wiki/Pittsburgh" title="Pittsburgh">Pittsburgh, Pennsylvania</a></li> <li>5th District (E): <a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Federal Reserve Bank of Richmond</a>, with branches in <a href="/wiki/Baltimore" title="Baltimore">Baltimore, Maryland</a> and <a href="/wiki/Charlotte,_North_Carolina" title="Charlotte, North Carolina">Charlotte, North Carolina</a></li> <li>6th District (F): <a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Federal Reserve Bank of Atlanta</a>, with branches in <a href="/wiki/Birmingham,_Alabama" title="Birmingham, Alabama">Birmingham, Alabama</a>; <a href="/wiki/Jacksonville,_Florida" title="Jacksonville, Florida">Jacksonville, Florida</a>; <a href="/wiki/Miami" title="Miami">Miami, Florida</a>; <a href="/wiki/Nashville,_Tennessee" title="Nashville, Tennessee">Nashville, Tennessee</a>; and <a href="/wiki/New_Orleans" title="New Orleans">New Orleans, Louisiana</a></li> <li>7th District (G): <a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Federal Reserve Bank of Chicago</a>, with a branch in <a href="/wiki/Detroit" title="Detroit">Detroit, Michigan</a>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup></li> <li>8th District (H): <a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">Federal Reserve Bank of St. Louis</a>, with branches in <a href="/wiki/Little_Rock,_Arkansas" title="Little Rock, Arkansas">Little Rock, Arkansas</a>; <a href="/wiki/Louisville,_Kentucky" title="Louisville, Kentucky">Louisville, Kentucky</a>; and <a href="/wiki/Memphis,_Tennessee" title="Memphis, Tennessee">Memphis, Tennessee</a></li> <li>9th District (I): <a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Federal Reserve Bank of Minneapolis</a>, with a branch in <a href="/wiki/Helena,_Montana" title="Helena, Montana">Helena, Montana</a></li> <li>10th District (J): <a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Federal Reserve Bank of Kansas City</a>, with branches in <a href="/wiki/Denver" title="Denver">Denver, Colorado</a>; <a href="/wiki/Oklahoma_City" title="Oklahoma City">Oklahoma City, Oklahoma</a>; and <a href="/wiki/Omaha,_Nebraska" title="Omaha, Nebraska">Omaha, Nebraska</a></li> <li>11th District (K): <a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Federal Reserve Bank of Dallas</a>, with branches in <a href="/wiki/El_Paso,_Texas" title="El Paso, Texas">El Paso, Texas</a>; <a href="/wiki/Houston" title="Houston">Houston, Texas</a>; and <a href="/wiki/San_Antonio" title="San Antonio">San Antonio, Texas</a></li> <li>12th District (L): <a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">Federal Reserve Bank of San Francisco</a>, with branches in <a href="/wiki/Los_Angeles,_California" class="mw-redirect" title="Los Angeles, California">Los Angeles, California</a>; <a href="/wiki/Portland,_Oregon" title="Portland, Oregon">Portland, Oregon</a>; <a href="/wiki/Salt_Lake_City" title="Salt Lake City">Salt Lake City, Utah</a>; and <a href="/wiki/Seattle" title="Seattle">Seattle, Washington</a></li></ul> <p>The New York Federal Reserve district is the largest by asset value. San Francisco, followed by Kansas City and Minneapolis, represent the largest geographical districts. <a href="/wiki/Missouri" title="Missouri">Missouri</a> is the only state to have two Federal Reserve Banks (Kansas City and St. Louis). California, Florida, <a href="/wiki/Missouri" title="Missouri">Missouri</a>, <a href="/wiki/Ohio" title="Ohio">Ohio</a>, <a href="/wiki/Pennsylvania" title="Pennsylvania">Pennsylvania</a>, <a href="/wiki/Tennessee" title="Tennessee">Tennessee</a>, and <a href="/wiki/Texas" title="Texas">Texas</a> are the only states which have two or more Federal Reserve Bank branches seated within their states, with Missouri, Pennsylvania, and Tennessee having branches of two different districts within the same state. In the 12th District, the Seattle Branch serves Alaska, and the San Francisco Bank serves Hawaii. New York, Richmond, and San Francisco are the only banks that oversee non-<a href="/wiki/U.S._state" title="U.S. state">U.S. state</a> territories. The System serves these territories as follows: the New York Bank serves the Commonwealth of Puerto Rico and the U.S. Virgin Islands; the Richmond Bank serves the District of Columbia; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Board of Governors last revised the branch boundaries of the System in February 1996.<sup id="cite_ref-federalreserve2005_25-1" class="reference"><a href="#cite_note-federalreserve2005-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Assets">Assets</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=6" title="Edit section: Assets"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1275448275">.mw-parser-output .defaultleft{text-align:left}.mw-parser-output .defaultcenter{text-align:center}.mw-parser-output .defaultright{text-align:right}.mw-parser-output .col1left td:nth-child(1),.mw-parser-output .col2left td:nth-child(2),.mw-parser-output .col3left td:nth-child(3),.mw-parser-output .col4left td:nth-child(4),.mw-parser-output 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td:nth-child(18),.mw-parser-output .col19center td:nth-child(19),.mw-parser-output .col20center td:nth-child(20),.mw-parser-output .col21center td:nth-child(21),.mw-parser-output .col22center td:nth-child(22),.mw-parser-output .col23center td:nth-child(23),.mw-parser-output .col24center td:nth-child(24),.mw-parser-output .col25center td:nth-child(25),.mw-parser-output .col26center td:nth-child(26),.mw-parser-output .col27center td:nth-child(27),.mw-parser-output .col28center td:nth-child(28),.mw-parser-output .col29center td:nth-child(29){text-align:center}.mw-parser-output .col1right td:nth-child(1),.mw-parser-output .col2right td:nth-child(2),.mw-parser-output .col3right td:nth-child(3),.mw-parser-output .col4right td:nth-child(4),.mw-parser-output .col5right td:nth-child(5),.mw-parser-output .col6right td:nth-child(6),.mw-parser-output .col7right td:nth-child(7),.mw-parser-output .col8right td:nth-child(8),.mw-parser-output .col9right td:nth-child(9),.mw-parser-output .col10right td:nth-child(10),.mw-parser-output .col11right td:nth-child(11),.mw-parser-output .col12right td:nth-child(12),.mw-parser-output .col13right td:nth-child(13),.mw-parser-output .col14right td:nth-child(14),.mw-parser-output .col15right td:nth-child(15),.mw-parser-output .col16right td:nth-child(16),.mw-parser-output .col17right td:nth-child(17),.mw-parser-output .col18right td:nth-child(18),.mw-parser-output .col19right td:nth-child(19),.mw-parser-output .col20right td:nth-child(20),.mw-parser-output .col21right td:nth-child(21),.mw-parser-output .col22right td:nth-child(22),.mw-parser-output .col23right td:nth-child(23),.mw-parser-output .col24right td:nth-child(24),.mw-parser-output .col25right td:nth-child(25),.mw-parser-output .col26right td:nth-child(26),.mw-parser-output .col27right td:nth-child(27),.mw-parser-output .col28right td:nth-child(28),.mw-parser-output .col29right td:nth-child(29){text-align:right}</style> <table class="wikitable col2right"> <tbody><tr> <th scope="col">Federal Reserve Bank </th> <th scope="col">Total assets<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> in billions USD </th></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York City</a></td> <td>4,155 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a></td> <td>820 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a></td> <td>651 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a></td> <td>493 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a></td> <td>411 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a></td> <td>336 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a></td> <td>288 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a></td> <td>183 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a></td> <td>114 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a></td> <td>111 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a></td> <td>96 </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a></td> <td>54 </td></tr> <tr> <th style="text-align: left;">All banks </th> <th style="text-align: right;">7713 </th></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="List_of_current_presidents_and_CEOs_of_Federal_Reserve_Banks">List of current presidents and CEOs of Federal Reserve Banks</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=7" title="Edit section: List of current presidents and CEOs of Federal Reserve Banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable sortable"> <caption> </caption> <tbody><tr> <th>Federal Reserve Bank </th> <th>Commonly known as </th> <th>Incumbent president & CEO </th> <th>Status </th></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York City</a> </td> <td>New York Fed </td> <td><a href="/wiki/John_C._Williams_(economist)" title="John C. Williams (economist)">John Williams</a> </td> <td><b>Vice Chairman, <a href="/wiki/Federal_Open_Market_Committee" title="Federal Open Market Committee">Federal Open Market Committee</a> (FOMC)</b><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> <p><b>Permanent FOMC Member</b> </p> </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a> </td> <td>San Francisco Fed </td> <td><a href="/wiki/Mary_C._Daly" title="Mary C. Daly">Mary C. Daly</a> </td> <td><i>2023 FOMC Alternate Member</i><br />2024 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a> </td> <td>Atlanta Fed </td> <td><a href="/wiki/Raphael_Bostic" title="Raphael Bostic">Raphael Bostic</a> </td> <td><i>2023 FOMC Alternate Member</i><br />2024 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a> </td> <td>Richmond Fed </td> <td><a href="/wiki/Thomas_Barkin" title="Thomas Barkin">Thomas Barkin</a> </td> <td><i>2023 FOMC Alternate Member</i><br />2024 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a> </td> <td>Chicago Fed </td> <td><a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a> </td> <td><i>2022 FOMC Alternate Member</i><br />2023 FOMC Member<br /><i>2024 FOMC Alternate Member</i><br />2025 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a> </td> <td>Dallas Fed </td> <td><a href="/wiki/Lorie_K._Logan" title="Lorie K. Logan">Lorie K. Logan</a> </td> <td><i>2022 FOMC Alternate Member</i><br />2023 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a> </td> <td>Cleveland Fed </td> <td><a href="/wiki/Beth_M._Hammack" title="Beth M. Hammack">Beth M. Hammack</a> </td> <td>2024 FOMC Member<br /><i>2025 FOMC Alternate Member</i> </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a> </td> <td>Philly Fed </td> <td><a href="/wiki/Patrick_T._Harker" title="Patrick T. Harker">Patrick Harker</a> </td> <td><i>2022 FOMC Alternate Member</i><br />2023 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a> </td> <td>Boston Fed </td> <td><a href="/wiki/Susan_M._Collins_(economist)" title="Susan M. Collins (economist)">Susan M. Collins</a> </td> <td><i>2024 FOMC Alternate Member</i><br />2025 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a> </td> <td>St. Louis Fed </td> <td><a href="/wiki/Alberto_Musalem" title="Alberto Musalem">Alberto G. Musalem</a> </td> <td><i>2024 FOMC Alternate Member</i><br />2025 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a> </td> <td>Kansas City Fed </td> <td><a href="/wiki/Jeffrey_R._Schmid" class="mw-redirect" title="Jeffrey R. Schmid">Jeffrey R. Schmid</a> </td> <td>2022 FOMC Member<br /><i>2024 FOMC Alternate Member</i><br />2025 FOMC Member </td></tr> <tr> <td><a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a> </td> <td>Minneapolis Fed </td> <td><a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> </td> <td><i>2022 FOMC Alternate Member</i><br />2023 FOMC Member </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1266661725">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid 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States#Federal Reserve Banks</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Citations">Citations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=9" title="Edit section: Citations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="/wiki/Arthur_O%27Sullivan_(economist)" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; Sheffrin, Steven M. (2003). <a rel="nofollow" class="external text" href="https://www.savvas.com/index.cfm?locator=PSZu4y&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbSubSolutionId=&PMDbCategoryId=815&PMDbSubCategoryId=24843&PMDbSubjectAreaId=&PMDbProgramId=23061"><i>Economics: Principles in Action</i></a>. Upper Saddle River, NJ: Prentice Hall. p. 417. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-13-063085-3" title="Special:BookSources/0-13-063085-3"><bdi>0-13-063085-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+Action&rft.place=Upper+Saddle+River%2C+NJ&rft.pages=417&rft.pub=Prentice+Hall&rft.date=2003&rft.isbn=0-13-063085-3&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Sheffrin%2C+Steven+M.&rft_id=https%3A%2F%2Fwww.savvas.com%2Findex.cfm%3Flocator%3DPSZu4y%26PMDbSiteId%3D2781%26PMDbSolutionId%3D6724%26PMDbSubSolutionId%3D%26PMDbCategoryId%3D815%26PMDbSubCategoryId%3D24843%26PMDbSubjectAreaId%3D%26PMDbProgramId%3D23061&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-wells-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-wells_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-wells_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWells2004" class="citation book cs1">Wells, Donald R. (2004). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/federalreservesy00dona"><i>The Federal Reserve System: A History</i></a></span>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780786418800" title="Special:BookSources/9780786418800"><bdi>9780786418800</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Federal+Reserve+System%3A+A+History&rft.date=2004&rft.isbn=9780786418800&rft.aulast=Wells&rft.aufirst=Donald+R.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Ffederalreservesy00dona&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-Carosso-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-Carosso_3-0">^</a></b></span> <span class="reference-text">Carroso, Vincent P. <i>The Morgans: Private International Bankers, 1854-1913</i></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.newyorkfed.org/aboutthefed/history_article.html">The Founding of the Fed</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://caselaw.findlaw.com/us-supreme-court/275/415.html">"UNITED STATES SHIPPING BOARD EMERGENCY FLEET CORP. v. WESTERN U."</a> <i>Find Law</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170824235734/https://caselaw.findlaw.com/us-supreme-court/275/415.html">Archived</a> from the original on August 24, 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">June 16,</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Find+Law&rft.atitle=UNITED+STATES+SHIPPING+BOARD+EMERGENCY+FLEET+CORP.+v.+WESTERN+U.&rft_id=https%3A%2F%2Fcaselaw.findlaw.com%2Fus-supreme-court%2F275%2F415.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-Scott_8th_Cir._2005-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-Scott_8th_Cir._2005_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Scott_8th_Cir._2005_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20210703055822/https://ecf.ca8.uscourts.gov/opndir/05/04/042357P.pdf">Kennedy C. Scott v. Federal Reserve Bank of Kansas City, et al.</a>, <a rel="nofollow" class="external text" href="http://bulk.resource.org/courts.gov/c/F3/406/406.F3d.532.04-2357.html">406 F.3d 532</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100517200626/http://bulk.resource.org/courts.gov/c/F3/406/406.F3d.532.04-2357.html">Archived</a> May 17, 2010, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (8th Cir. 2005).</span> </li> <li id="cite_note-Lewis-vs-U.S.-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-Lewis-vs-U.S._7-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://bulk.resource.org/courts.gov/c/F2/680/680.F2d.1239.80-5905.html">680 F.2d 1239</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100515062925/http://bulk.resource.org/courts.gov/c/F2/680/680.F2d.1239.80-5905.html">Archived</a> May 15, 2010, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (9th Cir. 1982).</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20100601221526/https://www.federalreserve.gov/generalinfo/faq/faqbkinfo.htm">"FRB: FAQs: Banking Information"</a>. Federalreserve.gov. February 12, 2006. Archived from <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/generalinfo/faq/faqbkinfo.htm">the original</a> on June 1, 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">July 8,</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=FRB%3A+FAQs%3A+Banking+Information&rft.pub=Federalreserve.gov&rft.date=2006-02-12&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2Fgeneralinfo%2Ffaq%2Ffaqbkinfo.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><span class="plainlinksneverexpand"><a href="/wiki/Title_12_of_the_United_States_Code" title="Title 12 of the United States Code">12 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/12/290">§ 290</a></span>: <i>Use of earnings transferred to the Treasury</i></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Michael D. Reagan, "The Political Structure of the Federal Reserve System," <i>American Political Science Review</i>, Vol. 55 (March 1961), pp. 64-76, as reprinted in <i>Money and Banking: Theory, Analysis, and Policy</i>, p. 153, ed. by S. Mittra (Random House, New York, 1970).</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><i>United States Government Manual</i>: Federal Reserve System</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.newyorkfed.org/markets/treasury-debt-auctions-and-buybacks-as-fiscal-agent">Treasury Debt Auctions and Buybacks as Fiscal Agent</a></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/aboutthefed/files/combinedfinstmt2018.pdf">2018 Combined Financial Statements</a> (Note 5: System Open Market Account)</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Annual reports</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><a href="/wiki/Title_12_of_the_United_States_Code" title="Title 12 of the United States Code">12 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/12/289">§ 289</a></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">See bank financial statements, e.g. <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/aboutthefed/files/combinedfinstmt2018.pdf">2018 Combined Financial Statements</a> (Operating Expenses: Earnings remittances to the Treasury), and Treasury financial reports, e.g. <a rel="nofollow" class="external text" href="https://home.treasury.gov/system/files/236/AFR_Full%20111518_clean_508.pdf">2018 Agency Financial Report</a> (Sources of Custodial Revenue: Deposit of Earnings, Federal Reserve System)</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCarpenterIhrigKleeQuinn2013" class="citation report cs1">Carpenter, Seth B.; Ihrig, Jane E.; Klee, Elizabeth C.; Quinn, Danel W.; Boote, Alexander H. (January 2013). <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/pubs/feds/2013/201301/revision/201301pap.pdf">The Federal Reserve’s Balance Sheet and Earnings: A primer and projections</a> <span class="cs1-format">(PDF)</span> (Report)<span class="reference-accessdate">. Retrieved <span class="nowrap">January 24,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=The+Federal+Reserve%E2%80%99s+Balance+Sheet+and+Earnings%3A+A+primer+and+projections&rft.date=2013-01&rft.aulast=Carpenter&rft.aufirst=Seth+B.&rft.au=Ihrig%2C+Jane+E.&rft.au=Klee%2C+Elizabeth+C.&rft.au=Quinn%2C+Danel+W.&rft.au=Boote%2C+Alexander+H.&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fpubs%2Ffeds%2F2013%2F201301%2Frevision%2F201301pap.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/faqs/does-the-federal-reserve-own-or-hold-gold.htm">"Does the Federal Reserve own or hold gold?"</a>. <i>Board of Governors of the Federal Reserve System</i><span class="reference-accessdate">. Retrieved <span class="nowrap">February 19,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Board+of+Governors+of+the+Federal+Reserve+System&rft.atitle=Does+the+Federal+Reserve+own+or+hold+gold%3F&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Ffaqs%2Fdoes-the-federal-reserve-own-or-hold-gold.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-wolman-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-wolman_19-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWolman2013" class="citation journal cs1">Wolman, Alexander L. (2013). <a rel="nofollow" class="external text" href="https://www.richmondfed.org/publications/research/economic_quarterly/2013/q2/wolman">"Federal Reserve Interdistrict Settlement"</a>. <i>Economic Quarterly</i>. <b>99</b> (2). Federal Reserve Bank of Richmond<span class="reference-accessdate">. Retrieved <span class="nowrap">November 13,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economic+Quarterly&rft.atitle=Federal+Reserve+Interdistrict+Settlement&rft.volume=99&rft.issue=2&rft.date=2013&rft.aulast=Wolman&rft.aufirst=Alexander+L.&rft_id=https%3A%2F%2Fwww.richmondfed.org%2Fpublications%2Fresearch%2Feconomic_quarterly%2F2013%2Fq2%2Fwolman&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><a href="/wiki/Title_31_of_the_United_States_Code" title="Title 31 of the United States Code">31 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/31/714">§ 714</a></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><a href="/wiki/Title_12_of_the_United_States_Code" title="Title 12 of the United States Code">12 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/12/269b">§ 269b</a></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZumbrun,_Joshua2009" class="citation news cs1">Zumbrun, Joshua (July 21, 2009). <a rel="nofollow" class="external text" href="https://www.forbes.com/2009/07/21/federal-reserve-congress-business-washington-bernanke.html">"Bernanke Fights Audit Threat To The Fed"</a>. <i>Forbes</i><span class="reference-accessdate">. Retrieved <span class="nowrap">November 23,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Forbes&rft.atitle=Bernanke+Fights+Audit+Threat+To+The+Fed&rft.date=2009-07-21&rft.au=Zumbrun%2C+Joshua&rft_id=https%3A%2F%2Fwww.forbes.com%2F2009%2F07%2F21%2Ffederal-reserve-congress-business-washington-bernanke.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.ny.frb.org/aboutthefed/fedpoint/fed35.html">"How the Federal Reserve is Audited"</a>. <i>Federal Reserve Bank of New York</i>. April 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">November 23,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Reserve+Bank+of+New+York&rft.atitle=How+the+Federal+Reserve+is+Audited&rft.date=2008-04&rft_id=http%3A%2F%2Fwww.ny.frb.org%2Faboutthefed%2Ffedpoint%2Ffed35.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPowell2015" class="citation web cs1">Powell, Jerome H. 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Retrieved <span class="nowrap">August 25,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Board+of+Governors+of+the+Federal+Reserve+System&rft.atitle=%27Audit+the+Fed%27+and+Other+Proposals&rft.date=2015-02-09&rft.aulast=Powell&rft.aufirst=Jerome+H.&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fnewsevents%2Fspeech%2Fpowell20150209a.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-federalreserve2005-25"><span class="mw-cite-backlink">^ <a href="#cite_ref-federalreserve2005_25-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-federalreserve2005_25-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/OTHERFRB.HTM">"The Twelve Federal Reserve Districts"</a>. <i>Federal Reserve</i>. The Federal Reserve Board. December 13, 2005<span class="reference-accessdate">. Retrieved <span class="nowrap">February 18,</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Federal+Reserve&rft.atitle=The+Twelve+Federal+Reserve+Districts&rft.date=2005-12-13&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2FOTHERFRB.HTM&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.chicagofed.org/utilities/about-us/index">"About Us - Federal Reserve Bank of Chicago"</a>. <i>www.chicagofed.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">July 22,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.chicagofed.org&rft.atitle=About+Us+-+Federal+Reserve+Bank+of+Chicago&rft_id=https%3A%2F%2Fwww.chicagofed.org%2Futilities%2Fabout-us%2Findex&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/releases/h41/20231228/">"Factors Affecting Reserve Balances"</a>. federalreserve.gov. December 28, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">March 3,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Factors+Affecting+Reserve+Balances&rft.pub=federalreserve.gov&rft.date=2023-12-28&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Freleases%2Fh41%2F20231228%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/monetarypolicy/fomc.htm">"The Fed - Federal Open Market Committee"</a>. <i>Board of Governors of the Federal Reserve System</i><span class="reference-accessdate">. Retrieved <span class="nowrap">June 16,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Board+of+Governors+of+the+Federal+Reserve+System&rft.atitle=The+Fed+-+Federal+Open+Market+Committee&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fmonetarypolicy%2Ffomc.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="General_and_cited_sources">General and cited sources</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=10" title="Edit section: General and cited sources"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin" style=""> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPage,_Walter_HinesPage,_Arthur_Wilson1914" class="citation journal cs1">Page, Walter Hines; Page, Arthur Wilson (May 1914). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=zegeQtMn9JsC&pg=PA10">"The March of Events: The Federal Reserve Districts"</a>. <i><a href="/wiki/World%27s_Work" class="mw-redirect" title="World's Work">The World's Work: A History of Our Time</a></i>. <b>XLIV</b> (1): <span class="nowrap">10–</span>11<span class="reference-accessdate">. Retrieved <span class="nowrap">August 4,</span> 2009</span>. <q>The first new piece of machinery for the new currency system is now provided.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+World%27s+Work%3A+A+History+of+Our+Time&rft.atitle=The+March+of+Events%3A+The+Federal+Reserve+Districts&rft.volume=XLIV&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E10-%3C%2Fspan%3E11&rft.date=1914-05&rft.au=Page%2C+Walter+Hines&rft.au=Page%2C+Arthur+Wilson&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DzegeQtMn9JsC%26pg%3DPA10&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFederal+Reserve+Bank" class="Z3988"></span></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Federal_Reserve_Bank&action=edit&section=11" title="Edit section: External 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title="Banknote">Banknotes</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Note</a></li> <li><a href="/wiki/Federal_Reserve_Bank_Note" title="Federal Reserve Bank Note">Federal Reserve Bank Note</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="8" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="80" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/120px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/160px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></span></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Reports</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Beige_Book" title="Beige Book">Beige Book</a></li> <li><a href="/wiki/Federal_Reserve_Statistical_Release" title="Federal Reserve Statistical Release">Federal Reserve Statistical Release</a></li> <li><a href="/wiki/Monetary_Policy_Report_to_the_Congress" title="Monetary Policy Report to the Congress">Monetary Policy Report to the Congress</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Federal funds</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Discount_window" title="Discount window">Discount window</a> <ul><li><a href="/wiki/Bank_rate" title="Bank rate">Bank rate</a></li></ul></li> <li><a href="/wiki/Federal_funds" title="Federal funds">Federal funds</a></li> <li><a href="/wiki/Federal_funds_rate" title="Federal funds rate">Federal funds rate</a> <ul><li><a href="/wiki/Overnight_rate" title="Overnight rate">Overnight rate</a></li></ul></li> <li><a href="/wiki/Primary_dealer" title="Primary dealer">Primary dealer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">History</a><br />(<a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">Antecedents</a>)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> (1908)</li> <li><a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> (1909–1912)</li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> (1913)</li> <li><a href="/wiki/Pittman_Act" title="Pittman Act">Pittman Act</a> (1918)</li> <li><a href="/wiki/Edge_Act" title="Edge Act">Edge Act</a> (1919)</li> <li><a href="/wiki/Phelan_Act_of_1920" title="Phelan Act of 1920">Phelan Act</a> (1920)</li> <li><a href="/wiki/Regulation_D_(FRB)" title="Regulation D (FRB)">Regulation D</a> (c. 1930)</li> <li><a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Emergency Banking Act</a> (1933)</li> <li><a href="/wiki/Regulation_Q" title="Regulation Q">Regulation Q</a> (1933)</li> <li><a href="/wiki/1933_Banking_Act" title="1933 Banking Act">Glass–Steagall Act</a> (1933)</li> <li><a href="/wiki/Gold_Reserve_Act" title="Gold Reserve Act">Gold Reserve Act</a> (1934)</li> <li><a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a></li> <li><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> (1944–1971)</li> <li><a href="/wiki/Employment_Act_of_1946" title="Employment Act of 1946">Employment Act of 1946</a></li> <li><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">U.S. Treasury Department Accord</a> (1951)</li> <li><a href="/wiki/Bank_Holding_Company_Act" title="Bank Holding Company Act">Bank Holding Company Act</a> (1956)</li> <li><a href="/wiki/History_of_Federal_Open_Market_Committee_actions" title="History of Federal Open Market Committee actions">FOMC actions</a> (1961–present)</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending Act</a> (1968)</li> <li><a href="/wiki/Nixon_shock" title="Nixon shock">Nixon shock</a> (1971)</li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a> (1971)</li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity Act</a> (1974)</li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a> (1975)</li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a> (1977)</li> <li><a href="/wiki/Federal_Reserve_Reform_Act_of_1977" title="Federal Reserve Reform Act of 1977">Federal Reserve Reform Act</a> (1977)</li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a> (1978)</li> <li><a href="/wiki/Humphrey%E2%80%93Hawkins_Full_Employment_Act" title="Humphrey–Hawkins Full Employment Act">Humphrey–Hawkins Full Employment Act</a> (1978)</li> <li><a href="/wiki/International_Banking_Act_of_1978" title="International Banking Act of 1978">International Banking Act</a> (1978)</li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">DIDMC Act</a> (1980)</li> <li><i><a href="/wiki/Board_of_Governors,_FRS_v._Investment_Co._Institute" title="Board of Governors, FRS v. Investment Co. Institute">Federal Reserve v. Investment Co. Institute</a></i> (1981)</li> <li><i><a href="/wiki/Bank_of_New_England" title="Bank of New England">Northeast Bancorp v. Federal Reserve</a></i> (1985)</li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a> (1987)</li> <li><a href="/wiki/Expedited_Funds_Availability_Act" title="Expedited Funds Availability Act">Expedited Funds Availability Act</a> (1987)</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989" title="Financial Institutions Reform, Recovery, and Enforcement Act of 1989">FIRRE Act</a> (1989)</li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">FDIC Improvement Act</a> (1991)</li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a> (1999)</li> <li><a href="/wiki/Federal_Reserve_responses_to_the_subprime_crisis" title="Federal Reserve responses to the subprime crisis">Subprime mortgage crisis responses</a> (2007–2010)</li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act</a> (2008)</li> <li><a href="/wiki/Unfair_or_Deceptive_Acts_or_Practices" title="Unfair or Deceptive Acts or Practices">Unfair or Deceptive Acts or Practices</a> (2008)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2008–2010)</li> <li><a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a> (2008–2010)</li> <li><i><a href="/wiki/Bloomberg_L.P._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Bloomberg L.P. v. Board of Governors of the Federal Reserve System">Bloomberg v. Federal Reserve</a></i> (2009)</li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">2009 Supervisory Capital Assessment Program</a></li> <li><a href="/wiki/Term_Asset-Backed_Securities_Loan_Facility" title="Term Asset-Backed Securities Loan Facility">Term Asset-Backed Securities Loan Facility</a> (2009–2010)</li> <li><a href="/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets" title="Public–Private Investment Program for Legacy Assets">Public–Private Investment Program for Legacy Assets</a> (2009–)</li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Act</a> (2010; <a href="/wiki/Durbin_amendment" title="Durbin amendment">Durbin amendment</a>)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2020–2021)</li> <li><i><a href="/wiki/Corner_Post,_Inc._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Corner Post, Inc. v. Board of Governors of the Federal Reserve System">Corner Post v. Federal Reserve</a></i> (2024)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chairs</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Charles_Sumner_Hamlin" title="Charles Sumner Hamlin">Charles S. Hamlin</a> (1914–1916)</li> <li><a href="/wiki/William_P._G._Harding" title="William P. G. Harding">William P. G. Harding</a> (1916–1922)</li> <li><a href="/wiki/Daniel_Richard_Crissinger" title="Daniel Richard Crissinger">Daniel R. Crissinger</a> (1923–1927)</li> <li><a href="/wiki/Roy_A._Young" title="Roy A. Young">Roy A. Young</a> (1927–1930)</li> <li><a href="/wiki/Eugene_Meyer_(financier)" title="Eugene Meyer (financier)">Eugene Meyer</a> (1930–1933)</li> <li><a href="/wiki/Eugene_Robert_Black" title="Eugene Robert Black">Eugene R. Black</a> (1933–1934)</li> <li><a href="/wiki/Marriner_S._Eccles" title="Marriner S. Eccles">Marriner S. Eccles</a> (1934–1948)</li> <li><a href="/wiki/Thomas_B._McCabe" title="Thomas B. McCabe">Thomas B. McCabe</a> (1948–1951)</li> <li><a href="/wiki/William_McChesney_Martin" title="William McChesney Martin">William M. Martin</a> (1951–1970)</li> <li><a href="/wiki/Arthur_F._Burns" title="Arthur F. Burns">Arthur F. Burns</a> (1970–1978)</li> <li><a href="/wiki/G._William_Miller" title="G. William Miller">G. William Miller</a> (1978–1979)</li> <li><a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> (1979–1987)</li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> (1987–2006)</li> <li><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> (2006–2014)</li> <li><a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a> (2014–2018)</li> <li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (2018–present)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Current<br />governors</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (<a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a>)</li> <li><a href="/wiki/Philip_Jefferson" title="Philip Jefferson">Philip Jefferson</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a>)</li> <li><a href="/wiki/Michelle_Bowman" title="Michelle Bowman">Michelle Bowman</a></li> <li><a href="/wiki/Christopher_Waller" title="Christopher Waller">Christopher Waller</a></li> <li><a href="/wiki/Lisa_D._Cook" title="Lisa D. Cook">Lisa D. Cook</a></li> <li><a href="/wiki/Michael_Barr_(U.S._official)" title="Michael Barr (U.S. official)">Michael Barr</a></li> <li><a href="/wiki/Adriana_Kugler" title="Adriana Kugler">Adriana Kugler</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Current presidents<br />(by district)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Susan_M._Collins_(economist)" title="Susan M. Collins (economist)">Susan Collins</a> (<a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a>)</li> <li><a href="/wiki/John_C._Williams_(economist)" title="John C. Williams (economist)">John Williams</a> (<a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a>)</li> <li><a href="/wiki/Patrick_T._Harker" title="Patrick T. Harker">Patrick T. Harker</a> (<a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a>)</li> <li><a href="/wiki/Beth_M._Hammack" title="Beth M. Hammack">Beth M. Hammack</a> (<a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a>)</li> <li><a href="/wiki/Thomas_Barkin" title="Thomas Barkin">Thomas Barkin</a> (<a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a>)</li> <li><a href="/wiki/Raphael_Bostic" title="Raphael Bostic">Raphael Bostic</a> (<a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a>)</li> <li><a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a> (<a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a>)</li> <li><a href="/wiki/Alberto_Musalem" title="Alberto Musalem">Alberto Musalem</a> (<a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a>)</li> <li><a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> (<a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a>)</li> <li><a href="/wiki/Jeffrey_Schmid" title="Jeffrey Schmid">Jeff Schmid</a> (<a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a>)</li> <li><a href="/wiki/Lorie_K._Logan" title="Lorie K. Logan">Lorie Logan</a> (<a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a>)</li> <li><a href="/wiki/Mary_C._Daly" title="Mary C. Daly">Mary C. Daly</a> (<a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Fedspeak" title="Fedspeak">Fedspeak</a></li> <li><a href="/wiki/Fed_put" class="mw-redirect" title="Fed put">Fed put</a></li> <li><a href="/wiki/Jackson_Hole_Economic_Symposium" title="Jackson Hole Economic Symposium">Jackson Hole Economic Symposium</a></li> <li><a href="/wiki/Lender_of_last_resort" title="Lender of last resort">Lender of last resort</a></li> <li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a> <ul><li><a href="/wiki/History_of_monetary_policy_in_the_United_States" title="History of monetary policy in the United States">History</a></li></ul></li> <li><a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">Personal consumption expenditures price index</a></li> <li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Federal_Reserve_Banks809" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Federal_Reserve_Banks" title="Template:Federal Reserve Banks"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Federal_Reserve_Banks" title="Template talk:Federal Reserve Banks"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Federal_Reserve_Banks" title="Special:EditPage/Template:Federal Reserve Banks"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Federal_Reserve_Banks809" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Federal Reserve Banks</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="3"><div>The <a class="mw-selflink selflink">Federal Reserve Banks</a> of <b><a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a></b> and <b><a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a></b> have no branches.</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_New_York_Buffalo_Branch" title="Federal Reserve Bank of New York Buffalo Branch">Buffalo</a> <i>(closed)</i></li> <li><a href="/wiki/East_Rutherford_Operations_Center" title="East Rutherford Operations Center">East Rutherford Operations Center</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="10" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="80" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/120px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/160px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></span></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Cleveland_Cincinnati_Branch" title="Federal Reserve Bank of Cleveland Cincinnati Branch">Cincinnati</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Cleveland_Pittsburgh_Branch" title="Federal Reserve Bank of Cleveland Pittsburgh Branch">Pittsburgh</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Richmond_Baltimore_Branch" title="Federal Reserve Bank of Richmond Baltimore Branch">Baltimore</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Richmond_Charlotte_Branch" title="Federal Reserve Bank of Richmond Charlotte Branch">Charlotte</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_Birmingham_Branch" title="Federal Reserve Bank of Atlanta Birmingham Branch">Birmingham</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_Jacksonville_Branch" title="Federal Reserve Bank of Atlanta Jacksonville Branch">Jacksonville</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_Miami_Branch" title="Federal Reserve Bank of Atlanta Miami Branch">Miami</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_Nashville_Branch" title="Federal Reserve Bank of Atlanta Nashville Branch">Nashville</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Atlanta_New_Orleans_Branch" title="Federal Reserve Bank of Atlanta New Orleans Branch">New Orleans</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Chicago_Detroit_Branch" title="Federal Reserve Bank of Chicago Detroit Branch">Detroit</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_St._Louis_Little_Rock_Branch" title="Federal Reserve Bank of St. Louis Little Rock Branch">Little Rock</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_St._Louis_Louisville_Branch" title="Federal Reserve Bank of St. Louis Louisville Branch">Louisville</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_St._Louis_Memphis_Branch" class="mw-redirect" title="Federal Reserve Bank of St. Louis Memphis Branch">Memphis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Minneapolis_Helena_Branch" title="Federal Reserve Bank of Minneapolis Helena Branch">Helena</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City_Denver_Branch" title="Federal Reserve Bank of Kansas City Denver Branch">Denver</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City_Oklahoma_City_Branch" title="Federal Reserve Bank of Kansas City Oklahoma City Branch">Oklahoma City</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Kansas_City_Omaha_Branch" title="Federal Reserve Bank of Kansas City Omaha Branch">Omaha</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a> branches</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_Dallas_El_Paso_Branch" title="Federal Reserve Bank of Dallas El Paso Branch">El Paso</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Dallas_Houston_Branch" title="Federal Reserve Bank of Dallas Houston Branch">Houston </a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_Dallas_San_Antonio_Branch" title="Federal Reserve Bank of Dallas San Antonio Branch">San Antonio</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a> branches</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco_Los_Angeles_Branch" title="Federal Reserve Bank of San Francisco Los Angeles Branch">Los Angeles</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco_Portland_Branch" title="Federal Reserve Bank of San Francisco Portland Branch">Portland</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco_Salt_Lake_City_Branch" title="Federal Reserve Bank of San Francisco Salt Lake City Branch">Salt Lake City</a></li> <li><a href="/wiki/Federal_Reserve_Bank_of_San_Francisco_Seattle_Branch" title="Federal Reserve Bank of San Francisco Seattle Branch">Seattle</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q4481787#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata602" 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