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Federal Reserve System

 

Federal Reserve System Logo

The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act. Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.

 
 

The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous privately owned U.S. member banks and various advisory councils. The Federal Reserve System has both private and public components, and was designed to serve the interests of both the general public and private bankers. The result is a structure that is considered unique among central banks.


In its role as the central bank of the United States, the Fed serves as a banker's bank and as the government's bank. As the banker's bank, it helps to assure the safety and efficiency of the payments system. As the government's bank, or fiscal agent, the Fed processes a variety of financial transactions involving trillions of dollars. Just as an individual might keep an account at a bank, the U.S. Treasury keeps a checking account with the Federal Reserve, through which incoming federal tax deposits and outgoing government payments are handled. As part of this service relationship, the Fed sells and redeems U.S. government securities such as savings bonds and Treasury bills, notes and bonds. It also issues the nation's coin and paper currency.  It is also unusual in that an entity outside of the central bank, namely the United States Department of the Treasury, creates the currency used.
 

Federal Reserve System HQ Location Map

Federal Reserve System
HQ Address: 20th Street and Constitution Avenue, NW
Washington, DC 20551
United States
Tel: +1 202 452 3000
Fax: N/A
Website: www.federalreserve.gov
Swift Code: N/A
Currency: US Dollar
Banking Hours:
Monday - Friday 9.30am - 3.30pm
 

 

 
The Federal Reserve System has both private and public components, and was designed to serve the interests of both the general public and private bankers. The result is a structure that is considered unique among central banks. It is also unusual in that an entity outside of the central bank, namely the United States Department of the Treasury, creates the currency used.
 
 

 

  50 largest banks / bank holding companies in United States
 

Ally Financial

Ally Financial

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People's United

People's United

American Express

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PNC

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Ameriprise Ameriprise Fifth Third Bank Fifth Third Bank

Banco Popular

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Principal Bank

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Bank of America Bank of America GE Capital GE Capital

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Bank of New York Mellon Bank of New York Mellon Goldman Sachs Goldman Sachs Santander Santander*
BB&T BB&T HSBC Bank USA HSBC Bank USA* State Street State Street
BBVA Compass BBVA Compass* Hudson City Bancorp Hudson City Bancorp SunTrust SunTrust
BMO Harris BMO Harris* Huntington Huntington TD Bank TD Bank*
BOK Financial BOK Financial John Deere Capital John Deere Capital USAA USAA
Charles Schwab Charles Schwab J.P. Morgan Chase J.P. Morgan Chase U.S. Bank U.S. Bank
CIT CIT KeyBank KeyBank Union Bank (UnionBanCal) Union Bank*
Citigroup Citigroup M&T Bank M&T Bank Utrecht-America*
Citizens Financial Group Citizens Financial Group* MetLife MetLife Wells Fargo Wells Fargo

City National Bank (California)

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Comerica Bank

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E-Trade

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* indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only.
 

 

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