What is the Federal Reserve Bank all about

Can you tell me in detail about Federal Reserve Bank or Federal Reserve System?

[sumit]

A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are 12 in total, 1 for each of the 12 Federal Reserve Districts that were created by the Federal Reserve Act of 1913

The Banks issue shares of stock to member banks. However, owning Federal Reserve Bank stock is quite different from owning stock in a private company.

The Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the system. The stock may not be sold or traded or pledged as security for a loan; dividends are, by law, limited to 6% per year.

The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows:

• 1st District (A) - Federal Reserve Bank of Boston
• 2nd District (B) - Federal Reserve Bank of New York
• 3rd District (C) - Federal Reserve Bank of Philadelphia
• 4th District (D) - Federal Reserve Bank of Cleveland, with branches in Cincinnati, Ohio and Pittsburgh, Pennsylvania
• 5th District (E) - Federal Reserve Bank of Richmond, with branches in Baltimore, Maryland and Charlotte, North Carolina
• 6th District (F) - Federal Reserve Bank of Atlanta, with branches in Birmingham, Alabama; Jacksonville, Florida; Miami, Florida; Nashville, Tennessee; and New Orleans, Louisiana
• 7th District (G) - Federal Reserve Bank of Chicago, with branches in Detroit, Michigan and West Des Moines, Iowa
• 8th District (H) - Federal Reserve Bank of St. Louis, with branches in Little Rock, Arkansas; Louisville, Kentucky; and Memphis, Tennessee
• 9th District (I) - Federal Reserve Bank of Minneapolis, with a branch in Helena, Montana
• 10th District (J) - Federal Reserve Bank of Kansas City, with branches in Denver, Colorado; Oklahoma City, Oklahoma; and Omaha, Nebraska
• 11th District (K) - Federal Reserve Bank of Dallas, with branches in El Paso, Texas; Houston, Texas; and San Antonio, Texas
• 12th District (L) - Federal Reserve Bank of San Francisco, with branches in Los Angeles, California; Portland, Oregon; Salt Lake City, Utah; and Seattle, Washington

Assets

Federal Reserve Bank Total assets (as of 17-Sep-2015)
New York City US$2.62T
San Francisco US$ 512B
Richmond US$ 289B
Atlanta US$ 244B
Chicago US$ 175B
Dallas US$ 154B
Cleveland US$ 133B
Philadelphia US$ 120B
Boston US$ 91B
Kansas City US$ 61B
St. Louis US$ 58B
Minneapolis US$ 32B
All banks US$4.49T