The Federal Reserve Bank of Philadelphia is among the 12 Federal Reserve Banks found across the United States of America at the regional level. This bank operates under the Federal Reserve System instituted by the Congress in the year 1913. This Reserve System was formed with the basic aim of providing a stable economy in the nation. Over the years, the banks function have increased and expanded. The Philadelphia Federal Reserve Bank is located at Ten Independence Mall, which is at the turning point of 6th and Arch Streets. This bank supervises the financial activities of the Third District, which include the areas of Delaware, East Pennsylvania and Southern part of New Jersey. The current President and Chief Executive Officer of the Federal Reserve Bank of Philadelphia is Charles I. Plosser.
Structure of Federal Reserve Bank of Philadelphia
Similar to other regional Federal Reserve Banks, the Federal Reserve Bank of Philadelphia is governed by a Board of Directors. The members constituting this board are generally from the banking community. Presidents of Reserve Banks are also inducted as members in this board, once approved the Fed's Board of Governors at the national level. Board of Directors of this regional bank provides grass root level economic information and gives valuable feedback regarding the monetary policies implemented at the national level.
Main functions of Federal Reserve Bank of Philadelphia
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The activities of Philadelphia Federal Reserve Bank include in-depth economic analyses and researches on regional level. The manufacturing index of Philadelphia Federal Reserve ranks second, with respect to the monthly release of reports on regional levels. Still, the manufacturing index is of immense significance among the financial groups, as representative of the manufacturing conditions on national level.
Like most of the Reserve Banks of different countries across the globe, the Federal Reserve Bank of Philadelphia involves a diverse and huge constituency, including different community groups, domestic trade and commerce, educators, repository organizations (banks), investors and customers.
'Money in Motion' is a permanent exhibition in the premises of the Federal Reserve Bank of Philadelphia. Visitors can learn about the story of banking and the financial history of the nation in this exhibition. Admission to this exhibition is free. The history of money and banking is narrated by interactive displays and colorful technological presentations.
Federal Bank of Philadelphia also houses a comprehensive library and research center. This library is well stocked with books and periodicals on subjects related to monetary policy and banking. Teachers and students can also come to this library for any kind of relevant information.
In a nutshell, the Federal Reserve Bank of Philadelphia is responsible for supervising the monitoring the monetary policy, in sustaining an efficient payment system and also regulating operations of other banks at the regional level.
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