The Federal Reserve Bank
Also known as “The Fed” or our Central Bank, the Federal Reserve Bank is the part of the Federal Reserve System responsible for maintaining, enforcing and implementing fiscal and monetary policies for the United States of America.
Today, the Federal Banks consist of 12 institutions across the United States, unlike other countries that have just one central bank; for example, the Bank of England, Bank of France, etc. The Federal Reserve Banks pertain to San Francisco, Dallas, Minneapolis, Kansas City, St. Louis, Chicago, New York, Boston, Philadelphia, Cleveland, Richmond, and Atlanta.
But what is its function? Like that of a bank? Like checking and savings accounts? Loans? Continue reading