One of 12
banks that make up the
Federal Reserve System. Each Federal Reserve Bank has the authority to regulate
member banks in its region, as well as regulate the
money supply. Every member bank is required to
buy stock in its district's Federal Reserve Bank in order to support its efforts. There are Federal Reserve Banks in Atlanta, Boston, Chicago, Cleveland, Dallas, Kansas City, Minneapolis, New York, Philadelphia, Richmond, San Francisco, and St. Louis. Of these, the New York Federal Reserve is the most important and has the most responsibilities.