The Federal Reserve System is the central banking system of the United States. It was created in 1913, with the enactment of the Federal Reserve Act. Its duties today are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions. The Federal Reserve Bank of San Francisco is part of the Federal Reserve System and thus works with the eleven other Reserve Banks and the Board of Governors in Washington. We also partner with other U.S. regulators such as the Treasury Department and Office of the Comptroller of the Currency. The Twelfth Federal Reserve District includes the nine western states; Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, Washington also Guam, American Samoa, and the Northern Mariana Islands. To serve this expansive region, the San Francisco Reserve Bank has six offices. Branch offices are located in Los Angeles, Portland, Salt Lake City, and Seattle, with a cash processing center in Phoenix. The information presented here does not include the District’s island territories.
The Twelfth District Economic Advisory Council is a source of information on current and pending economic developments in the Twelfth District. The members provide observations, opinions, and advice to members of the boards of directors and management of the Federal Reserve Bank of San Francisco. The Twelfth District Economic Advisory Council members reside within the nine-state District of this Reserve Bank. Of the Twelve Federal Reserve Districts, the Twelfth District is the largest, covering about 1.3 million square miles, or 36 percent of the nation’s area. The District’s estimated 63.0 million people accounted for a little more than 20 percent of the total U.S. population in 2009. The District also ranks first in the size of its economy: Its 24.8 million workers accounted...