Federal Reserve Bank

Central Banking is not a unique concept. While Central Bank is the name of some traditional banks inside the United States, outside of the USA it has a different meaning. For other countries central banks are the equivalent of our Federal Reserve Bank. They can help set the policies and guidelines in their countries. They may oversee the other financial institutions, print currency or set interest rates.

The Federal Reserve system consists of twelve Federal Reserve Banks covering different areas of the country. The first of these is the Federal Reserve Bank of Boston. It covers most of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Next on the list of Federal Reserve Banks is the Federal Reserve Bank of New York which services New York and most of New Jersey. The third is Federal Reserve Bank of Philadelphia whose coverage area is Delaware and parts of New Jersey and Pennsylvania.

The Federal Reserve Bank of Cleveland follows with Ohio, the rest of Pennsylvania, Kentucky and West Virginia. Number five on the list is Federal Reserve Bank of Richmond serving the District of Columbia, Maryland, Virginia, North and South Carolina, and part of West Virginia. Federal Reserve Bank of Atlanta takes care of Georgia, parts of Louisiana, Mississippi, Tennessee, Puerto Rico and the US Virgin Islands.

The Federal Reserve Bank of Chicago is responsible for Iowa, Indiana, Michigan, Wisconsin and most of Illinois. The nearby Federal Reserve Bank of St. Louis has Arkansas and parts of Missouri, Illinois, Mississippi, Kentucky, Tennessee and Indiana. The Federal Reserve Bank Minneapolis comes in at number nine. Federal Reserve Bank of Minneapolis is available for Minnesota, Montana, North and South Dakota, plus parts of Wisconsin and Michigan.

Next is the Federal Reserve Bank of Kansas City assisting Colorado, Kansas, Nebraska, Oklahoma, Wyoming, parts of New Mexico and Missouri. Federal Reserve Bank of Dallas is there for Texas, Northern Louisiana, and Southern New Mexico. Federal Reserve Bank of San Francisco covers all that is left. They have Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, Washington, American Samoa, Guam and the Northern Mariana Islands.

To find out more about the Federal Reserve Bank nearest you log onto the main Federal Reserve Bank website. Or you can investigate the websites of the individual Banks. Most have good educational materials even for children. They explain the role of the Federal Reserve Bank as our country’s central banking entity.