DEFINITION of 'Federal Reserve Bank Of Richmond'
The Federal Reserve bank located in Richmond, Va.; it is responsible for the fifth district and is one of 12 Reserve banks within the Federal Reserve System. The Federal Reserve Bank of Richmond's territory includes part of the state of West Virginia, as well as the entire states of Maryland, Virginia, North Carolina and South Carolina. It also covers Washington, D.C. It operates several branches within the district.
BREAKING DOWN 'Federal Reserve Bank Of Richmond'
The Federal Reserve Bank of Richmond 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, and monitors electronic deposits.
The president of the Federal Reserve Bank of Richmond, 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).
Bank notes printed by the Federal Reserve Bank of Richmond are denoted by the mark "E5", which represents the fifth district (E is also the fifth letter of the alphabet).