Currently, there are twelve Federal Reserve Banks in the United States. These banks, spread across the country, are responsible for regulating commercial banks in their region as well as implementing monetary policy set by the Federal Open Market Committee.

It was on this day, November 16th, in 1914 that the United States Federal Reserve Bank opened.

The Federal Reserve System created an act in 1913 which established a central banking system in order to remedy a series of bank panics. A year later, several regional Federal Reserve Banks opened around the country. They were governed by a seven-member governing board and issued their own currency notes.