27.3 The Federal Reserve System
MyEconLab Concept Video
The Federal Reserve System (the Fed) is the central bank of the United States. A central bank is a public authority that provides banking services to banks and governments and regulates financial institutions and markets. A central bank does not provide banking services to businesses and individual citizens. Its only customers are banks such as Bank of America and Citibank and the U.S. government. The Fed is organized into 12 Federal Reserve districts shown in Figure 27.4.
Figure 27.4
The Federal Reserve Districts
The nation is divided into 12 Federal Reserve districts, each having a Federal Reserve Bank. (Some ...
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