DEFINITION of 'Federal Reserve Bank Of Philadelphia'
The Federal Reserve Bank located in Philadelphia that is responsible for the third district. Its territory includes part of the states of New Jersey and Pennsylvania, as well as the entire state of Delaware.
The Federal Reserve Bank of Philadelphia is one of 12 reserve banks within the Federal Reserve System.
BREAKING DOWN 'Federal Reserve Bank Of Philadelphia'
The Federal Reserve Bank of Philadelphia 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 Philadelphia, along with the presidents of the other banks and the seven governors of the Federal Reserve Board, meet to set interest rates every six weeks. This is referred to as the Federal Open Market Committee (FOMC).