Federal Reserve Bank Of Richmond


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).

  1. Monetary Policy

    Monetary policy is the actions of a central bank, currency board ...
  2. Federal Reserve Bank

    The central bank of the United States and the most powerful financial ...
  3. Federal Reserve Bank Of Minneapolis

    The Federal Reserve bank located in Minneapolis, Minn., which ...
  4. Federal Reserve Bank Of Philadelphia

    The Federal Reserve Bank located in Philadelphia that is responsible ...
  5. Federal Reserve Bank Of New York

    The Federal Reserve bank that is responsible for the second district ...
  6. Federal Open Market Committee Meeting ...

    The meeting of the Federal Open Market Committee (FOMC) that ...
Related Articles
  1. Bonds & Fixed Income

    The Treasury And The Federal Reserve

    Find out how these two agencies create policies to stimulate the economy in tough economic times.
  2. Economics

    How Much Influence Does The Fed Have?

    Find out how current financial policies may affect your portfolio's future returns.
  3. Economics

    Translating "Fed Speak" Into Plain English

    Confused by the Fed's lingo? Find out what it can tell you and learn how to decipher it.
  4. Forex Education

    Get To Know The Major Central Banks

    The policies of these banks affect the currency market like nothing else. See what makes them tick.
  5. Personal Finance

    How The Federal Reserve Manages Money Supply

    Find out how the Fed manages bank reserves and this contributes to a stable economy.
  6. Personal Finance

    How The Federal Reserve Was Formed

    Find out how this institution has stabilized the U.S. economy during economic downturn.
  7. Economics

    When The Federal Reserve Intervenes (And Why)

    The Federal Reserve doesn't interfere with the economy every time it flounders. Find out more here.
  8. Bonds & Fixed Income

    The Fed's New Tools For Manipulating The Economy

    The economy can be volatile when left to its own devices. Find out how the Fed smoothes things out.
  9. Economics

    Why the Euro Failed to Become the World's Reserve Currency

    Examine the current state of the U.S. dollar as the world's reserve currency; learn the major reasons why the euro has failed to replace it in that capacity.
  10. Investing Basics

    How to Use Boring CDs to Diversify

    Markets are volatile and are in for more punishment. CDs can help investors earn some interest while they're waiting out the storm.
  1. Who decides to print money in Russia?

    The Central Bank of the Russian Federation (CBRF), like its peers in most countries, is the governmental entity responsible ... Read Full Answer >>
  2. Who decides to print money in Canada?

    In Canada, new money comes from two places: the Bank of Canada (BOC) and chartered banks such as the Toronto Dominion Bank ... Read Full Answer >>
  3. Who decides when to print money in India?

    The Reserve Bank of India, or RBI, manages currency in India. The bank's additional responsibilities include regulating the ... Read Full Answer >>
  4. Is Japan an emerging market economy?

    Japan is not an emerging market economy. Emerging market economies are characterized by low per capita incomes, poor infrastructure ... Read Full Answer >>
  5. How is the Federal Reserve audited?

    Contrary to conventional wisdom, the Federal Reserve is extensively audited. Politicians on the left and right of a populist ... Read Full Answer >>
  6. Who decides when to print money in the US?

    The U.S. Treasury decides to print money in the United States as it owns and operates printing presses. However, the Federal ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Section 1231 Property

    A tax term relating to depreciable business property that has been held for over a year. Section 1231 property includes buildings, ...
  2. Term Deposit

    A deposit held at a financial institution that has a fixed term, and guarantees return of principal.
  3. Zero-Sum Game

    A situation in which one person’s gain is equivalent to another’s loss, so that the net change in wealth or benefit is zero. ...
  4. Capitalization Rate

    The rate of return on a real estate investment property based on the income that the property is expected to generate.
  5. Gross Profit

    A company's total revenue (equivalent to total sales) minus the cost of goods sold. Gross profit is the profit a company ...
  6. Revenue

    The amount of money that a company actually receives during a specific period, including discounts and deductions for returned ...
Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!