The Federal Reserve Bank of Philadelphia 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. Federal Reserve Bank of Philadelphia is also referred to as the Philadelphia Fed.
The Federal Reserve System was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.
As the US central bank, the Federal Reserve formulates and implements monetary policy, provides payment services to financial institutions and the US government, and supervises banking and other financial institutions.
The Philadelphia Fed serves the Third Federal Reserve District, covering eastern Pennsylvania, southern New Jersey, and Delaware.