Federal Reserve 5th District - Ã¯Â¿Â½ PAGE Ã¯Â¿Â½1Ã¯Â¿Â½ -
The Federal Reserve System
The Federal Reserve Bank
The fifth of twelve satellite banks in the Federal Reserve solar system belongs to our close neighboring city of Richmond, Va. Its function is not unlike its eleven sister banks that are strategically positioned throughout the country, and together form our nations central banking system. Congress put the construct of the Federal Reserve into motion in 1913. The ideology of its birth was to stabilize America's rattled economy and protect the people from a nation wide financial institution meltdown. Despite its best efforts, the county's economy spiraled downward and eventually gave way to the Great Depression. Through the turmoil and hardship, the institution held its footing and emerged from World War II as our country rapidly expanded in both population and production. So, too, did the scope and oversight of the Federal Reserve.
A few of its modern key focus' are: influencing the nations monetary policy through manipulation of lending interest rates; regulating the nations banking system; curbing systemic risk in the financial market; and serving as a financial mentor of sorts to various institutions and foreign states.
As stated, the setup for the Federal Reserve presently consists of twelve regions that encompass all fifty states; and a Board of Governors - housed in Washington D.C. - that have final oversight of policy. Region Five is headquartered in Richmond, Va., with branch offices in Baltimore, Md. and Charlotte, N.C. The States within Region Five's purview include Virginia, Maryland (including the District of Columbia), West Virginia, North Carolina, and South Carolina. Each region serves the system under the same scope of responsibilities previously discussed in order to collectively ascertain and manage the nations monetary policy. Additionally, each labors to provide detailed...