DEFINITION of 'Federal Reserve Bank Of Minneapolis'
The Federal Reserve bank located in Minneapolis, Minn., which is responsible for the ninth district. Its territory includes parts of the states of Wisconsin and Michigan, as well as the entire states of Minnesota, Montana, North Dakota and South Dakota.
The Federal Reserve Bank of Minneapolis is one of 12 reserve banks within the Federal Reserve System.
BREAKING DOWN 'Federal Reserve Bank Of Minneapolis'
The Federal Reserve Bank of Minneapolis 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 monitoring electronic deposits. The president of the Federal Reserve Bank of Minneapolis is part of a rotation of bank presidents who, along with the seven governors of the Federal Reserve Board, meet to set open market operations. This is referred to as the Federal Open Market Committee (FOMC).
The Federal Reserve Bank of Minneapolis is the third-largest bank in terms of the territory it controls, behind the Federal Reserve Bank of San Francisco and the Federal Reserve Bank of Kansas City.
Bank notes printed by Federal Reserve Bank of Minneapolis are denoted by the mark "I9", representing the ninth district (I is also the ninth letter of the alphabet).