Structure of the Federal Reserve System
Federal Reserve Bank Letter Number Branches Website President
Boston A 1 http : //www.bos.frb.org/ Eric S. Rosengren
New York City B 2 Buffalo , New York ( closed as of October 31 , 2008 ) http : //www.newyorkfed.org/ William C. Dudley
Philadelphia C 3 http : //www.philadelphiafed.org/ Patrick T. Harker
Cleveland D 4 Cincinnati , Ohio Pittsburgh , Pennsylvania http : //www.clevelandfed.org/ Loretta J. Mester
Richmond E 5 Baltimore , Maryland Charlotte , North Carolina http : //www.richmondfed.org/ Vacant
Atlanta F 6 Birmingham , Alabama Jacksonville , Florida Miami , Florida Nashville , Tennessee New Orleans , Louisiana http : //www.frbatlanta.org/ Raphael Bostic
Chicago G 7 Detroit , Michigan Des Moines , Iowa http : //www.chicagofed.org/ Charles L. Evans
St Louis H 8 Little Rock , Arkansas Louisville , Kentucky Memphis , Tennessee http : //www.stlouisfed.org/ James B. Bullard
Minneapolis I 9 Helena , Montana https : //www.minneapolisfed.org/ Neel Kashkari
Kansas City J 10 Denver , Colorado Oklahoma City , Oklahoma Omaha , Nebraska http : //www.kansascityfed.org/ Esther George
Dallas K 11 El Paso , Texas Houston , Texas San Antonio , Texas http : //www.dallasfed.org/ Robert Steven Kaplan
San Francisco L 12 Los Angeles , California Portland , Oregon Salt Lake City , Utah Seattle , Washington http : //www.frbsf.org/ John C. Williams
Federal Reserve Banks -- List of Federal Reserve Banks
See also : List of Federal Reserve Branches
The Federal Reserve System is composed of five parts:
According to the board of governors of the Federal Reserve, It is not 'owned' by anyone and is 'not a private, profit-making institution'. Instead, it is an independent entity within the government, having both public purposes and private aspects. The U.S. Government does not own shares in the Federal Reserve System or its component banks, but does receive all of the system's annual profits after a statutory dividend of 6% on their capital investment is paid to member banks and a capital account surplus is maintained. The government also exercises some control over the Federal Reserve by appointing and setting the salaries of the system's highest-level employees. The division of the responsibilities of a central bank into several separate and independent parts, some private and some public, results in a structure that is considered unique among central banks. It is also unusual in that an entity outside of the central bank - the U.S. Department of the Treasury - creates the currency used.