Financial Markets and Institutions (2-downloads)

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Board of Governors of the Federal

Reserve System

Federal Reserve bank cities

Boundaries of Federal Reserve districts

(Alaska and Hawaii are in District 12)

Federal Reserve branch cities

Federal Reserve districts

1

Seattle

Portland

Helena

Dallas

Omaha

Kansas City

Jacksonville

Atlanta

New York

Boston

Buffalo

Detroit

Salt Lake

City

Los Angeles

El Paso

Oklahoma City

Minneapolis

Chicago

St. Louis

Memphis

Little Rock

Houston

New Orleans

Birmingham

Nashville

Louisville

Richmond

WASHINGTON

Philadelphia

Denver

San Francisco

San Antonio

Charlotte

Birming

Birming

Birming

Birmingham

Pittsburgh

Cleveland

Cleveland

Cincinnati

Cincinnati

Pittsburgh

Cleveland

Cincinnati

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Chapter 9 Central Banks and the Federal Reserve System

195

to be officers, employees, or stockholders of banks. This design for choosing directors

was intended by the framers of the Federal Reserve Act to ensure that the directors

of each Federal Reserve bank would reflect all constituencies of the American public.

The 12 Federal Reserve banks perform the following functions:

• Clear checks

• Issue new currency

•  Withdraw damaged currency from circulation

•  Administer and make discount loans to banks in their districts

•  Evaluate proposed mergers and applications for banks to expand their activities

•  Act as liaisons between the business community and the Federal 

Reserve System

•  Examine bank holding companies and state-chartered member banks

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