110
Unit 2 Money and Regulation
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district based in New York City is geographically much smaller than the
district based in Kansas City.
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where the Federal Reserve Bank is located. Within each district, the
Federal Reserve Bank may have one or more branches. Today, all of the
cities containing Federal Reserve Banks are considered major cities.
Organization of the Federal
Reserve
Each Federal Reserve Bank governs itself and supervises the
member banks in its region. Figure 5-3 shows the structure of the Federal
Reserve, which includes the Board of Governors and the Federal Open
Market Committee.
5
12
9
10
11
7
8
6
4
3
2
1
Minneapolis
San Francisco
Dallas
Kansas City
St. Louis
Chicago
Atlanta
Cleveland
Richmond
Boston
New York
Philadelphia
Board of
Governors
1. Boston, MA
2. New York, NY
3. Philadelphia, PA
4. Cleveland, OH
5. Richmond, VA
6. Atlanta, GA
7. Chicago, IL
8. St. Louis, MO
9. Minneapolis, MN
10. Kansas City, MO
11. Dallas, TX
12. San Francisco, CA
Source: www.federalreserve.gov
Figure 5-2.
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access and high-speed
travel, concern about the
physical location of the
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understand. However, in
the early 1900s when the
Fed was created, trading
stock required you or your
representative to be physi-
cally present to make the
trade.