Almost immediately after the law was enacted, the committee started receiving letters and telegrams from local business owners, bankers, farmers, and others, who were all making a case for where they wanted a Reserve Bank to be located. The committee held meetings in 18 cities before submitting a report to Congress in April 1914, naming the final 12 cities and districts.
The Federal Reserve Bank of Philadelphia was designated as the regional Reserve Bank for the Third District, an area that includes Delaware, the eastern two-thirds of Pennsylvania, and the southern half of New Jersey. These Reserve Banks distribute currency, act as a bankers’ bank, and generally perform the functions of a central bank, which includes serving as the bank for the U.S. Treasury.