The Federal Reserve—“the Fed” for short—is the central bank of the United States. But the Federal Reserve System approved by Congress in the 1913 Federal Reserve Act is decentralized by design so that U.S. monetary policy reflects economic realities from all over the nation. A prime illustration of this decentralized structure are the 12 Federal Reserve districts and the regional Reserve banks that serve them. From east to west, the 12 districts are headquartered in Boston – 1, New York – 2, Philadelphia – 3, Cleveland – 4, Richmond – 5, Atlanta – 6, Chicago – 7, St. Louis – 8 (that’s us!), Minneapolis – 9, Kansas ... (full story)