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Thursday, September 2, 2010

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Home > About the Fed > Who We Are, What We Do

Who We Are, What We Do

The Federal Reserve System , which serves as the nation's central bank, comprises a Board of Governors , based in Washington, D.C., and a network of 12 Reserve Banks. The Board, which is accountable to Congress, oversees the activities of the Reserve Banks, although each has its own board of directors, bylaws, and president. The Fed's basic mission is to create the financial conditions that foster economic growth: stable prices, sound banking practices, and a reliable payments system.

The Federal Reserve Bank of Philadelphia is responsible for the Third District, which covers eastern Pennsylvania, southern New Jersey, and the state of Delaware. Like all Reserve Banks, the Philadelphia Fed has a large and varied constituency, including depository institutions, local businesses, consumers, investors, educators, and community groups.