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Federal Reserve System

The Federal Reserve System is the central bank of the United States. It performs five primary functions to promote the effective operation of the U.S. economy and, more generally, the public interest. Sometimes referred to as the Federal Reserve, or simply the Fed, it:

  • conducts the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy;
  • promotes the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad;
  • promotes the safety and soundness of individual financial institutions and monitors their impact on the financial system as a whole;
  • fosters payment and settlement system safety and efficiency through services to the banking industry and the U.S. government that facilitate U.S.-dollar transactions and payments; and
  • promotes consumer protection and community development through consumer-focused supervision and examination, research and analysis of emerging consumer issues and trends, community economic development activities, and the administration of consumer laws and regulations.

There are four main components of the Federal Reserve System. Namely, the board of governors, the Federal Open Market Committee, twelve regional Federal Reserve Banks, and the member banks throughout the country.

The Federal Reserve Banks

District # Letter Federal Reserve Bank Website
1 A Boston bos.frb.org
2 B New York newyorkfed.org
3 C Philadelphia philadelphiafed.org
4 D Cleveland clevelandfed.org
5 E Richmond richmondfed.org
6 F Atlanta frbatlanta.org
7 G Chicago chicagofed.org
8 H St. Louis stlouisfed.org
9 I Minneapolis minneapolisfed.org
10 J Kansas City kansascityfed.org
11 K Dallas dallasfed.org
12 L San Francisco frbsf.org
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Central Bank