FACTOID # 104: ‘Dollar’ is the most common currency name, followed by ‘franc,’ ‘pound,’ ‘dinar,’ ‘peso,’ and ‘rupee.’
 
 Home   Encyclopedia   Statistics   Countries A-Z   Flags   Maps   Education   Forum   FAQ   About 
 
WHAT'S NEW
RECENT ARTICLES
More Recent Articles »
 

Encyclopedia > Federal Reserve Banks
Federal Reserve Districts
Enlarge
Federal Reserve Districts

The United States Federal Reserve System consists of twelve Federal Reserve Banks, each responsible for a particular district, and some with branches. based on usgs map - no copyright - coloration by me This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... based on usgs map - no copyright - coloration by me This image has been released into the public domain by the copyright holder, its copyright has expired, or it is ineligible for copyright. ... The United States of America — also referred to as the United States, the U.S.A., the U.S., America, the States, or (archaically) Columbia—is a federal republic of 50 states located primarily in central North America (with the exception of two states: Alaska and Hawaii). ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central bank of the United States. ...


The twelve regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized much like private corporations—possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold or traded or pledged as security for a loan; dividends are, by law, limited to 6 percent per year.[1] (http://minneapolisfed.org/info/sys/faq/frs.cfm#3)


The dividends paid to member banks are considered partial compensation for the lack of interest paid on member banks' required reserves held at the Fed. By law, banks in the United States must maintain fractional reserves, most of which are kept on account at the Fed. The Federal Reserve does not pay interest on these funds.


The Federal Reserve System was created via the Federal Reserve Act of 1913 which "established a new central bank designed to add both flexibility and strength to the nation's financial system. The legislation provided for a system that included a number of regional Reserve Banks and a seven-member governing board. All national banks were required to join the system and other banks could join. The Reserve Banks opened for business in November 1914. Congress created Federal Reserve notes to provide the nation with an elastic supply of currency. The notes were to be issued to Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public.


The Federal Reserve Bank of New York is located only a few blocks from the former location of the World Trade Center buildings. It has a gold vault 100 feet beneath the street. That depository is the largest in the world – even larger than the legendary Fort Knox gold reserves in the mid-1980s. The gold is owned by foreign nations, including Saudi Arabia and Kuwait. Its value is estimated at $25 billion. Midtown Manhattan, looking north from the Empire State Building, 2005 New York City (officially named the City of New York) is the most populous city in the state of New York and the entire United States. ... The twin towers, photographed from the west The World Trade Center in New York City was a complex of seven buildings around a central plaza, near the south end of Manhattan in the downtown financial district. ... This article concerns the U.S. Army post near Louisville, Kentucky. ... The Kingdom of Saudi Arabia is a country on the Arabian Peninsula. ... The State of Kuwait is a small oil-rich monarchy on the coast of the Persian Gulf, enclosed by Saudi Arabia in the south and Iraq in the north. ...


Banks

Buffalo, also known as the Queen city, and the City of Good Neighbors, is an American city in western New York. ... Cincinnati, Ohio viewed from the SW, across the Ohio River in Kentucky. ... City nickname: The Steel City Location in the state of Pennsylvania Founded 1758 County Allegheny County Mayor Tom Murphy (Dem) Area  - Total  - Water 151. ... City nickname: Charm City Location in the state of Maryland Founded 30 July 1729 County Independent city Mayor Martin OMalley ( Dem) Area  - Total  - Water 1,214. ... he Civil War largely bypassed Charlotte, though the city was the site of the Confederate Cabinets final meeting. ... Birmingham is the largest city in the U.S. state of Alabama and the county seat of Jefferson County. ... Jacksonville redirects here. ... The Miami skyline, as it is seen from the northeast. ... For other cities named Nashville, see Nashville (disambiguation). ... New Orleans (French: Nouvelle-Orléans) is the largest city in the state of Louisiana, United States of America. ... Chicago (officially named the City of Chicago) is the third largest city in the United States (after New York City and Los Angeles), with an official population of 2,896,016, as of the 2000 census. ... City motto: Speramus Meliora; Resurget Cineribus (We Hope For Better Things; It Shall Rise From the Ashes) City nicknames: The Motor City and Motown Location in the state of Michigan Founded July 24, 1701 County Wayne County Mayor Kwame Kilpatrick (Dem) Area  - Total  - Water 370. ... The Gateway Arch, shown here behind the Old Courthouse, is the most recognizable part of the St. ... There is also a Littlerock, California. ... For other places with the same name, see Louisville (disambiguation). ... City nickname: The River City or The Bluff City Location in the state of Tennessee County Shelby County, Tennessee Area  - Total  - Water 763. ... This article is about the city in Minnesota. ... Helena, Montana Helena is the capital of Montana, a state of the United States of America. ... Kansas City is a city in Clay, Cass, Jackson, and Platte counties in Missouri. ... Denver is the largest city and capital of the state of Colorado, United States of America. ... The State Capitol of Oklahoma Looking at Downtown Oklahoma City The Flag of Oklahoma City Oklahoma City (sometimes abbreviated as OKC) is the capitol and largest city of the state of Oklahoma in the United States of America. ... Mayor Mike Fahey County Douglas County, Nebraska Area  - Total  - Water 1,290. ... This article needs cleanup. ... Houston redirects here. ... The Alamo in San Antonio San Antonio is a city in the U.S. state of Texas. ... The facade of the Federal Reserve Bank of San Francisco. ... Griffith Observatory and the Downtown Los Angeles skyline. ... Portland is the largest city in Oregon, and county seat of Multnomah County. ... The Salt Lake Temple of The Church of Jesus Christ of Latter-day Saints is Salt Lake Citys top tourist draw. ... City nickname Emerald City City bird Great Blue Heron City flower Dahlia City mottos The City of Flowers The City of Goodwill City song Seattle, the Peerless City Mayor Greg Nickels County King County Area   - Total   - Land   - Water   - % water 369. ...

See also


  Results from FactBites:
 
FRB: Federal Reserve Districts and Banks (81 words)
The Federal Reserve officially identifies Districts by number and Reserve Bank city.
In the 12th District, the Seattle Branch serves Alaska, and the San Francisco Bank serves Hawaii.
The System serves commonwealths and territories as follows: the New York Bank serves the Commonwealth of Puerto Rico and the U.S. Virgin Islands; the San Francisco Bank serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands.
Federal Reserve System - MSN Encarta (1993 words)
Federal Reserve System, central banking system of the United States, popularly called the Fed. A central bank serves as the banker to both the banking community and the government; it also issues the national currency, conducts monetary policy, and plays a major role in the supervision and regulation of banks and bank holding companies.
The board of directors is responsible for the administration of its bank and for appointing the bank's president and vice president (subject to the approval of the Board of Governors).
Their staffs examine state member banks (national banks are examined by the staff of the Office of the Comptroller of the Currency; insured nonmember banks are subject to FDIC examination), decide on granting loans to members, and carry out the routine banking functions for the federal government.
  More results at FactBites »

 

COMMENTARY     


Share your thoughts, questions and commentary here
Your name
Your location
Your comments
Please enter the 5-letter protection code


Lesson Plans | Student Area | Student FAQ | Reviews | Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms.