Federal Reserve Banks

• 12 Federal Reserve districts located in the United States
• within each district, there is a Federal Reserve Bank
• these banks operate the 25 branch banks
• the Federal Reserve Bank is owned by the member banks in that region
• member banks must invest in their district bank
• each Federal Reserve Bank has a president who is appointed by a board of directors
• six members are elected by member banks and three are appointed by the Board of Governors