This includes serving as the bank for the U.S. Treasury. It is the Reserve Banks that have assets and a balance sheet. The earnings on these assets fund the operations of the 12 Banks as well as the operations of the Board of Governors to give the Federal Reserve System independence from the Congressional appropriations process.
In fact, the System turns over any excess earnings above the cost of its operations to the U.S. Treasury. So, from the beginning, the Reserve Banks have played an integral role in their regions’ economies. In addition to providing currency and coin services to banks, the Reserve Banks handle other basic payment services, such as wire transfers and clearing checks.