DEFINITION of 'Federal Reserve Bank Of San Francisco'
The Federal Reserve Bank responsible for the twelfth district, located in San Francisco, CA. the Federal Reserve Bank of San Francisco's territory includes Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington. It is also responsible for American Samoa, Guam and the Northern Mariana Islands.
The Federal Reserve Bank of San Francisco is one of 12 Reserve Banks within the Federal Reserve System. It 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 monitor electronic deposits.
BREAKING DOWN 'Federal Reserve Bank Of San Francisco'
Monetary policy is determined at the Federal Open Market Committee (FOMC) meetings held eight times a year. The FOMC consists of 12 members, which include the seven Governors of the Federal Reserve Board, the President of the Federal Bank of New York, and four of the other 11 Bank presidents.