DEFINITION of 'Federal Reserve Bank Of Atlanta'
The Federal Reserve bank responsible for the sixth district and located in Atlanta, Ga. Its territory includes the states of Alabama, Florida, Georgia, as well as a portion of the counties or parishes within Tennessee, Mississippi and Louisiana. It operates several branches within the district and is one of 12 reserve banks withinin the Federal Reserve System.
BREAKING DOWN 'Federal Reserve Bank Of Atlanta'
The Federal Reserve Bank of Atlanta is responsible for executing the central bank's monetary policy by reviewing price inflation and economic growth, and by regulating the banks within its territory. It provides cash to banks within its district, as well as clears checks and monitors electronic deposits. The president of the Federal Reserve Bank of Atlanta, along with the presidents of the other banks and the seven governors of the Federal Reserve Board, meet every six weeks in order to set interest rates. This is referred to as the Federal Open Market Committee (FOMC).