Federal Reserve Bank of Boston facts for kids
Federal Reserve Seal
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Headquarters
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| Headquarters | Federal Reserve Bank Building 600 Atlantic Avenue Boston , Massachusetts, USA |
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| Established | May 18, 1914 |
| President | Eric S. Rosengren |
| Central bank of |
First District
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| Website | www.BostonFed.org |
| The Federal Reserve Bank of Boston is one of twelve regional banks that make up the Federal Reserve System | |
The Federal Reserve Bank of Boston, also known as the Boston Fed, is one of 12 important banks in the Federal Reserve System. The Federal Reserve System helps manage money and banks in the USA. The Boston Fed looks after the "First District." This area includes all of New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, and most of Connecticut.
Since 1977, the Boston Fed's main office has been in a unique building in Boston. It's called the Federal Reserve Bank Building. This tall, 32-story building is 614 feet (187 meters) high. It was designed by a company called Hugh Stubbins & Associates. The middle part of the building seems to hang between two towers on its sides. Before 1977, the bank was located at 250 Franklin Street.
The Boston Fed has a special code, A1. This means that dollar bills printed for this bank will have the letter A on them. The current president of the Boston Fed is Eric S. Rosengren. He became president in July 2007. The Boston Fed's main goal is to help the economy grow and stay strong in New England and across the country. It also has a group called the New England Public Policy Center.
The Federal Reserve Bank Building was recognized as a special landmark in Boston in 1978.
Contents
What the Federal Reserve Does
The Federal Reserve System is like the central bank of the United States. It has a few big jobs. One job is to make sure banks are safe and sound. Another job is to help keep prices stable. It also tries to make sure there are enough jobs for everyone. The Federal Reserve is made up of 12 regional banks, and the Boston Fed is one of them. Each regional bank helps manage the money in its own area.
The Boston Fed's District
The Boston Fed is in charge of the "First District." This district covers a large part of the northeastern United States. It includes all of the states of Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. It also covers almost all of Connecticut. The only part of Connecticut not in the First District is Fairfield County. This map shows the area the Boston Fed helps to manage.
The Board of Directors
The Boston Fed has a group of people called the Board of Directors. These people help guide the bank and make important decisions. They make sure the bank is doing its job well. The board members are chosen from different areas of business and community life. They serve for a certain number of years.
The board is divided into three groups: Class A, Class B, and Class C.
- Class A directors are usually bankers.
- Class B directors are from different businesses and industries.
- Class C directors are chosen to represent the public. They cannot be bankers.
These directors work together to make sure the Boston Fed helps the economy in its district. They also make sure it supports the goals of the larger Federal Reserve System.
Images for kids
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On an overcast day.
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The Federal Reserve Bank's position to the rest of the Financial District of Boston.
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The parking lot security methods installed for the Federal Reserve Bank of Boston.
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The Federal Reserve Bank of Boston building viewed from the back.
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The Federal Reserve Bank of Boston viewed from the side at street level. The entire building is covered with a matte aluminum paneling.
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The Federal Reserve Bank of Boston building front entrance.
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The Federal Reserve Building of Boston viewed from the side.
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The Federal Reserve Bank of Boston tower near the South Boston financial district.
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The Federal Reserve Bank Building in Downtown Boston.
