| The United States has the decentralized Federal | | | | meets in Washington, D.C. The Board consists of |
| Reserve System in which there are 12 District | | | | seven members. The members are appointed by the |
| Federal Reserve Banks, each serving a region of the | | | | President and confirmed by the Senate. Each serves |
| country. A bank in a specific district would use its | | | | a 14-year term. The chairman, a board member, is |
| own District Federal Reserve as its central bank. | | | | appointed by the US President for a four-year term. |
| The Federal Reserve System, also known as the | | | | The 12 District Banks are run and managed by a |
| Fed, is created by and responsible to US Congress, | | | | board or nine directors. Six of them are selected by |
| but Each District Federal Reserve Bank is owned by | | | | the member banks and the three others appointed |
| its member banks. Each member bank contributes 3 | | | | by the Fed's Board or Governor. Each district bank is |
| percent of its capital stock to the district Federal | | | | led by a president who is selected by the nine |
| Reserve Bank and another 3 percent to the Fed. | | | | directors. |
| There are more than 12,000 banks in the country | | | | Banking hours in the US are 9am to 3pm from |
| and about 5,000 are chartered nationally and the rest | | | | Monday to Friday. The unit of currency is the US |
| state chartered. All nationally chartered banks must | | | | dollar which is divided into 100 cents. Every state in |
| be members of the Fed and the state chartered | | | | the country has its own Banking and landing laws. |
| banks can choose to be members. | | | | Each state has its own banking commission or finance |
| The Fed has its own monetary policy that can differ | | | | department. |
| from that of government. It acts as the watchdog | | | | Credit cards and traveler checks are accepted by |
| of the money supply, interest rates and the | | | | almost all banks but only some major banks |
| economy's price level. Its key responsibility is to | | | | exchange foreign currency. ATMs you can find in all |
| safeguard the proper functioning of the money | | | | corners of the country. Some prominent banks in the |
| system in the US. | | | | US are Bank of America, SunTrust Bank, Royal Bank |
| The Fed is run by a Board of Governors, which | | | | of Scotland, HSBC Bank, Citibank of America. |