Atlanta Fed Frequently Asked Questions

What is the Federal Reserve System?

The Federal Reserve System is a federal organization that is composed of a central, governmental agency—the Board of Governors in Washington, D.C.—and 12 independent regional Federal Reserve Banks. Since its establishment by an act of Congress in 1913, the Federal Reserve System’s primary goal has been to foster a sound financial system and a healthy economy.

Learn more about the purpose and functions of the Federal Reserve System at www.federalreserve.gov/aboutthefed/files/pf_2.pdf.

What is the Board of Governors? Who are the current board members?

The United States president nominates the seven members of the Board of Governors, and the Senate confirms them. A full term is 14 years. The appointments are staggered so that one term begins every two years, on February 1 of each even-numbered year. A member who serves a full term may not be reappointed. However, a member who is appointed and confirmed to serve the unexpired portion of a term may later be reappointed to a full term. All terms end on their statutory date regardless of the date on which the member is sworn into office.

The president names the chair and the vice chair of the Board from among the members, and the Senate confirms them. The chair and vice chair serve four-year terms. A member’s term on the Board is not affected by his or her status as chair or vice chair. For a list of current members of the Board of Governors, go to www.federalreserve.gov/bios.

What are the Federal Reserve Banks?

Each of the 12 Federal Reserve Banks is an operating arm of the Federal Reserve System. These Banks have a total of 25 branches. The banks and branches carry out various Federal Reserve System functions, including operating a nationwide payments system, distributing the nation’s currency and coin, supervising and regulating member banks and bank holding companies, and serving as the banker for the U.S. Treasury. The Federal Reserve Banks are located in Boston, New York City, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.

For a listing and map of the districts, go to www.federalreserve.gov/otherfrb.htm.

What states compose the Sixth Federal Reserve District based in Atlanta? Where are the Atlanta Fed’s branches?

The Federal Reserve Bank of Atlanta territory covers the Sixth Federal Reserve District, which includes Alabama, Florida, and Georgia and portions of Louisiana, Mississippi, and Tennessee. The Atlanta Fed has branches in Birmingham, Jacksonville, Miami, Nashville, and New Orleans.

For a list of the Sixth Federal Reserve District branches, go to atlantafed.org/about/atlantafed/branches/.

What do members of the boards of directors do? How are the board members chosen? Who are the current board members?

Each Reserve Bank and branch has a board of directors. They oversee their bank’s operations and appoint the bank’s president and first vice president. Boards of directors of the Reserve Banks provide the Federal Reserve System with a wealth of information on economic conditions in virtually every corner of the nation. The Fed shares this information in a special report—informally called the Beige Book—issued about two weeks before each FOMC meeting.

Of the nine directors, three are appointed by the Fed Board of Governors and six are elected by member commercial banks. Find out more at https://www.federalreserve.gov/aboutthefed/directors/about.htm.

For a current list of the Federal Reserve Bank of Atlanta’s board of directors, go to atlantafed.org/about/atlantafed/directors/.

Is the Federal Reserve part of government?

Yes and no. The Federal Reserve Board of Governors is part of the federal government. The 12 Federal Reserve Banks, like the Atlanta Fed, are not government agencies, though the Board of Governors provides oversight.

The Federal Reserve System is the nation’s central bank. It operates within government but is relatively independent of government, to separate the Fed from day-to-day political influence. The system is not funded by congressional appropriations, and it remits to the US Treasury any net earnings from its operations.