The Federal Reserve Bank of the United States is a private organization
Many Chinese may not understand that as the Central Bank of the United States, the Federal Reserve Bank of the United States is a private organization.
The Federal Reserve System, referred to as the Federal Reserve, is responsible for performing the duties of the Central Bank of the United States. The system was established on December 23, 1913 under the Federal Reserve Act. The core governing body of the Federal Reserve is the Federal Reserve.
The federal reserve system consists of the Federal Reserve Board in Washington, D.C. and 12 regional Federal Reserve Banks in major cities across the country. Jerome Powell is the current chief executive of the Federal Reserve. As the Central Bank of the United States, the Federal Reserve obtains power from the U.S. Congress to formulate monetary policy and supervise U.S. financial institutions.
The Federal Reserve System of the United States is the Central Bank of the United States. Compared with the central banks of other countries, the Federal Reserve was born later. In history, the United States has tried many times to establish a central bank like the Federal Reserve, but it failed because lawmakers and the president worried that the central bank would have too much power or be kidnapped by a few interest groups. This worry is mainly determined by the national form of the United States. At the beginning of the founding of the people's Republic of China, the United States was a loose organization composed of some independent states in the form of Federation. Most of the administrative power was mainly concentrated in the state government, not the federal government. So the idea of a federal agency like a central bank is a wake-up call for states to worry that the federal government wants to expand its power in the name of it.
In 1913, the United States Congress finally reached an agreement and passed the Federal Reserve Act. President Wilson signed the bill, officially declaring the establishment of the Federal Reserve.
In terms of organizational form, the Federal Reserve adopts a dual organizational structure of federal government agencies and non-profit organizations, so as to avoid the complete concentration of monetary policy in the hands of the federal government. The original intention of the Federal Reserve to set up 12 Federal Reserve banks as non-profit organizations rather than government organizations is to consider the voices of the government and the private sector when formulating monetary policy. Although the Federal Reserve Board in Washington is part of the federal government of the United States, the 12 Federal Reserve banks are not federal government agencies, but non-profit private organizations. But it should be emphasized that the Federal Reserve Bank is different from the general private organizations. The Federal Reserve Bank is not for profit, but together with the Federal Reserve Board to undertake the public functions of the Central Bank of the United States.
The headquarters of the 12 Federal Reserve banks are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis and Kansas City, Dallas and San Francisco. Each Federal Reserve Bank has branches in its jurisdiction. For example, the Dallas Fed is headquartered in Dallas, but also has branches in Houston, San Antonio and elpa.
Which bank does the dollar bill come from and how to distinguish it?
Since each Federal Reserve Bank manages a large region, these banks are often referred to as regional Fed for short. Obviously, most of the Federal Reserve banks are located in the northeast of the United States. This is mainly due to the fact that when the Federal Reserve was established in 1913, the economic center of gravity of the United States was mainly concentrated in the northeast. The code name of each Federal Reserve Bank consists of an English letter and a number. For example, the Boston Fed was the first Federal Reserve Bank to be established, code named 1a. The second is the New York Fed, code 2B, and so on. The Dallas Fed is the 11th to be established, so it's codenamed 11K. On the one dollar bills, the names and codes of different Federal Reserve banks are printed, indicating where the one dollar bills flow to the market.