The Fed Family
Learn where Federal Reserve Banks and their Branches are located and what states are in the Third District. Discover the workings of the Federal Open Market Committee and the Board of Governors .
Federal Reserve Facts:
- Established by Congress in 1913
- Reports to Congress, but independently carries out its responsibilities
- Funded from income on its portfolio of U.S. government securities and fees for services to financial institutions
- Typically remits 90% of earnings to U.S. Treasury
Federal Reserve Actions:
- Issues currency (Federal Reserve notes)
- Stores excess currency and coins
- Some services, such as processing and settling checks and electronic payments, have been centralized at a few Reserve Banks.
- Makes short-term loans to banks through a "discount window"
- Acts as U.S. government’s bank by processing
payments, selling securities, and assisting with cash management