There are twelve District Federal Reserve Banks. The first thing is that each of these branches of the Fed, have a certain size because the number of population of their District (with more population, greater size of “local Fed”). Each Fed is involved in the local, regional and national communities it serves.
When the Federal Reserve Act was approved in 1913 under President Woodrow Wilson, also are approved the District Federal Reserve Banks (which spoke of a minimum of eight to a maximum of twelve District Feds different as we see below in the section of “Federal Reserve District” published in the Federal Reserve Act of 1913).
Although the objective of the central Fed Board is to keep economic and monetary order of the United States, different Districts in the same country are different. Each of these “local Feds” have a president who must be nominated by their Bank’s board of directors for a period of five years and a possible subsequent re-election.
Initially one might think that the Federal Reserve is a fully-public corporation, we can see that the Fed has some influence of private corporations in their Board of Governors.
Each of these Districts are composed by nine members, divided into three types of representatives: class A, class B and class C (each with three members):
-CLASS A: Elected by member banks to represent member banks (one small bank, one medium-sized bank and one large bank).
-CLASS B: Elected by member banks to Represent the public (citizens).
-CLASS C: Appointed by Board of Governors to Represent the public (citizens).
These nine members collaborate with the seven members of the Board of Governors (we can see this current nine members on this link).
One of the roles of Reserve Banks is to reach out to local communities within each District to gather information about the regional economies.
The entrepreneurs who sit on the Reserve Banks advisory committees also provide vital community-level input on the economy. These committees provide information on matters pertaining to small business, agriculture, labor, community development and payments. Members of advisory committees represent a diverse range of industries and interests in their Districts.
Reserve Banks also engage with the banking industry through supervisory activities and by providing payments services to depository institutions. The Reserve Banks support a number of community development and economic and financial education programs for the public.
Estimates are that today one third of all commercial U.S. banks are members of the Federal Reserve. At December 31, 2011, the Federal Reserve System assets totalize 2.918 trillion dollars (compared to 2.427 trillions in 2010). The distribution of this assets is the following:
The current assets levels are available at this link of the Federal Reserve:
We can see below the importance and structure of each of these twelve “local Feds” by Districts
-1: Boston Fed
This Fed has a unique building in Boston (Massachusetts).
The states covered by this Federal Reserve Bank disrict are:
-Connecticut (Excluding Southwestern)
-Massachusetts
-Maine
-New Hampshire
-Rhode Island
-Vermont
To see the current Board of Governors of the Boston Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Boston).
-2: New York Fed
This Fed has a unique building in New York City (New York).
The states covered by this Federal Reserve Bank disrict are:
-New York state
-Northern counties of New Jersey
-Fairfield County in Connecticut
-Puerto Rico
-U. S. Virgin Islands
To see the current Board of Governors of the New York Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of New York).
-3: Philadelphia Fed
This Fed has a unique building in Philadelphia (Pennsylvania).
The states covered by this Federal Reserve Bank disrict are:
-Eastern and Central Pennsylvania
-Southern counties of New Jersey
-Delaware
To see the current Board of Governors of the Philadelphia Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Philadelphia).
-4: Cleveland Fed
This Fed has buildings in Cleveland, Cincinnati and Pittsburgh.
The states covered by this Federal Reserve Bank disrict are:
-Ohio
-Western Pennsylvania
-Eastern Kentucky
-Northern Panhandle of West Virginia
To see the current Board of Governors of the Cleveland Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Cleveland).
-5: Richmond Fed
This Fed has buildings in Richmond, Baltimore and Charlotte.
The states covered by this Federal Reserve Bank disrict are:
-District of Columbia
-Maryland
-Virginia
-North Carolina
-South Carolina
West Virginia
To see the current Board of Governors of the Richmond Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Richmond).
-6: Atlanta Fed
This Fed has buildings in Atlanta, Birmingham, Jacksonville, Miami, Nashville and New Orleans.
The states covered by this Federal Reserve Bank disrict are:
-Alabama
-Florida
-Georgia
-Eastern Tennessee
-SouthernLouisiana
-Southern Mississippi
To see the current Board of Governors of the Atlanta Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Atlanta).
-7: Chicago Fed
This Fed has buildings in Chicago and Detroit.
The states covered by this Federal Reserve Bank disrict are:
-Northern Illinois
-Indiana
-Southern Wisconsin
-Lower Peninsula of Michigan
-Iowa
To see the current Board of Governors of the Chicago Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Chicago).
-8: St. Louis Fed
This Fed has buildings in St. Louis, Little Rock, Louisville and Memphis.
The states covered by this Federal Reserve Bank disrict are:
-Arkansas
-Illinois
-Indiana
-Kentucky
-Mississippi
-Eastern Missouri
West Tennessee
To see the current Board of Governors of the St.Louis Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of St.Louis).
-9: Minneapolis Fed
This Fed has buildings in Minneapolis and Helena.
The states covered by this Federal Reserve Bank disrict are:
-Minnesota
Montana
-North Dakota
-South Dakota
-Northwestern Wisconsin
-Upper Peninsula of Michigan
To see the current Board of Governors of the Minneapolis Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Minneapolis).
-10: Kansas City Fed
This Fed has buildings in Kansas City, Denver, Oklahoma City and Omaha.
The states covered by this Federal Reserve Bank disrict are:
-Colorado
-Kansas
-Nebraska
-Oklahoma
-Wyoming
-Western Missouri
-Northern New Mexico
To see the current Board of Governors of the Kansas City Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Kansas City).
-11: Dallas Fed
This Fed has buildings in Dallas, El Paso, Houston and San Antonio.
The states covered by this Federal Reserve Bank disrict are:
-Texas
-Northern Louisiana
-Southern New Mexico
To see the current Board of Governors of the Dallas Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of Dallas).
-12: San Francisco Fed
This Fed has buildings in San Francisco, Los Angeles, Portland, Salt Lake City and Seattle.
The states covered by this Federal Reserve Bank disrict are:
-Alaska
-Arizona
-California
-Hawaii
-Idaho
-Nevada
-Oregon
-Utah
-Washington
-Northern Mariana Islands
-American Samoa
-Guam
To see the current Board of Governors of the San Francisco Federal Reserve Bank click on this link (classified by class: A, B and C as well as the company of which they are directors and the positions they hold at the Fed of San Francisco).
Each of twelve Federal Reserve Districts have their own currency number (the serial number that can be found printed on the dollar bills). This are the numbering of currencies by Federal Reserve District
Notes:
-Article and charts are written-created by Juan Oribe.
-The pictures are from the Federal Reserve, Wikipedia and Quotestemple websites.
Juan Oribe
