Federal Reserve Bank

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Established in 1913, the Federal Reserve bank is a central, federal banking system. There are actually 12 regional banks in what is known as the Federal Reserve System: Boston, New York, Philadelphia, Cleveland, Chicago, Richmond, Atlanta, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. The Federal Reserve System is governed by the Federal Reserve Board. The regional banks also produce paper currency; if you look on a dollar bill to the left of President Washington's picture, you will see the name and reference letter of the issuing regional bank in a green circle.