Member banks
About 4000
10% of all U.S. commercial banks
Large, medium, small
Each group elects one banking and one business director for the district Fed

12 District Feds
9 directors
3 banking, 3 business, 3 public
Directors appoint President, officers
12 Districts
Boston
New York
Philadelphia
Richmond
Atlanta
Cleveland
Chicago
Minneapolis
St Louis
Kansas City
Dallas
San Francisco
BOG
7 members
6 + chair
Appointed by the president
Confirmed by the Senate
FOMC
7 BOG
5 presidents of district Feds
NY Fed always included
The Fed’s Balance Sheet
Assets
U.S. Gov Securities
Loans (discount)
Coin
Cash items in process of collection
Gold certif account
SDR certif account
Items denominated in foreign currencies
other
Liabilities
Federal Reserve Notes
Deposits
Banks
U.S. Treasury
Foreign & other
Deferred availability cash items
other
Capital accounts