Unlike central banks in most other countries, the Federal Reserve System has a regional structure. There's not just one bank in a headquarters city, but 12 Reserve banks spread across the country along with the Board of Governors in D.C. The regional Reserve banks not only provide services closer to the people who need them, but these banks ensure that the concerns of the people in their districts are heard in Washington. St. Louis Fed economist and economic historian David Wheelock explains the history and benefits of this unusual structure.
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