BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Federal Reserve System Federal Reserve System 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 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 Deutsche Bank* People's United American Express Discover Bank PNC Ameriprise Fifth Third Bank Popular BancWest* First Niagara Bank Principal Bank Bank of America GE Capital Regions Bank Bank of New York Mellon Goldman Sachs Santander* BB&T HSBC Bank USA* State Street BBVA Compass* Hudson City Bancorp SunTrust BMO Harris* Huntington TD Bank* BOK Financial John Deere Capital USAA Charles Schwab J.P. Morgan Chase U.S. Bank CIT KeyBank Union Bank* Citigroup M&T Bank Utrecht-America* Citizens Financial Group* MetLife Wells Fargo City National Bank (California) Morgan Stanley Zions Bank Comerica Bank New York Community Bank     E-Trade Financial Northern Trust     * indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only.     DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved