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).

RELATED TERMS
  1. Richmond Manufacturing Index

    A gauge of broad activity in the manufacturing sector located ...
  2. Federal Reserve Bank Of Philadelphia

    The Federal Reserve Bank located in Philadelphia that is responsible ...
  3. Federal Reserve Bank Of Dallas

    The Federal Reserve Bank located in Dallas, which is responsible ...
  4. Federal Reserve Bank Of Kansas ...

    The Federal Reserve Bank responsible for the 10th district, located ...
  5. Federal Reserve Bank Of St. Louis

    The Federal Reserve Bank responsible for the eighth district. ...
  6. Federal Reserve System

    The Federal Reserve System is the central bank of the United ...
Related Articles
  1. Insights

    What Do the Federal Reserve Banks Do?

    These 12 regional banks are involved with four general tasks: formulate monetary policy, supervise financial institutions, facilitate government policy and provide payment services.
  2. Financial Advisor

    Why Banks Don't Need Your Money to Make Loans

    Contrary to the story told in most economics textbooks, banks don't need your money to make loans, but they do want it to make those loans more profitable.
  3. Personal Finance

    How the Federal Reserve Affects Your Mortgage

    The Federal Reserve can impact the cost of funds for banks and consequently for mortgage borrowers when maintaining economic stability.
  4. Trading

    The top 8 most tradable currencies

    Currencies can provide diversification for a portfolio that's in a rut. Find out which ones you need to know.
  5. Investing

    Introduction To The Chinese Banking System

    As China steps into a greater role in the global economic system, their banking system continues to evolve.
  6. Financial Advisor

    Will the Federal Reserve Hike Rates in April?

    Here's a look at what the Federal Reserve will or won't do in April and why.
RELATED FAQS
  1. How do central banks acquire currency reserves and how much are they required to ...

    A currency reserve is a currency that is held in large amounts by governments and other institutions as part of their foreign ... Read Answer >>
  2. Market operation and its effect on Money Supply

    Understand how open market operations affect the supply of money in the economy and learn the specific ways the Federal Reserve ... Read Answer >>
Hot Definitions
  1. Relative Strength Index - RSI

    Relative Strength Indicator (RSI) is a technical momentum indicator that compares the magnitude of recent gains to recent ...
  2. Dividend

    A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.
  3. Inventory Turnover

    Inventory turnover is a ratio showing how many times a company has sold and replaces inventory over a period.
  4. Watchlist

    A watchlist is list of securities being monitored for potential trading or investing opportunities.
  5. Hedge Fund

    A hedge fund is an aggressively managed portfolio of investments that uses leveraged, long, short and derivative positions.
  6. Balance Sheet

    A balance sheet reports a company's assets, liabilities and shareholders' equity at a specific point in time.
Trading Center