69.1 F
New York

Federal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago is one of 12 Reserve Banks that together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC) comprise the Federal Reserve System. It is also referred to as the Chicago Fed.

The Chicago Fed serves the Seventh Federal Reserve District. The seventh district covers the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa.

Federal Reserve Bank of Chicago participates in the formulation and implementation of national monetary policy; supervises and regulates state member banks, bank holding companies and foreign bank branches; and provides financial services to depository institutions and the U.S. government.

View all terms

Bitcoin

Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people operating under the name Satoshi Nakamoto. Bitcoin uses peer-to-peer...

Central Bank

A central bank is an institution that manages the currency and monetary policy of a state or formal monetary union, and oversees their commercial...

Fractional Reserve Banking

Fractional reserve banking is the most common form of banking practiced by commercial banks worldwide. It involves banks accepting deposits from customers and making...

Reserve Bank of New Zealand

The Reserve Bank of New Zealand is New Zealand's central bank. It was established in 1934, and although not a government department, has been...

Pip

What Is a Pip? Pip is an acronym for "percentage in point". A pip is the smallest price move that an exchange rate can make...