A version of this seal is imprinted on all Federal Reserve notes (bills, or paper money) designed since 1996. (Dollar bills, which have not been redesigned since 1969, have the name of the bank that printed the bill instead of the seal.)
The seal of the Federal Reserve Board of Governors is full of symbolism: 50 stars to represent the 50 states; the bald eagle, the symbol of the United States; a shield with 13 stripes to represent the original 13 colonies and 12 stars to represent the 12 Federal Reserve banks; the olive branch (left) to represent peace; and the oak branch (right) to represent strength.
The Fed has 12 districts:
- Atlanta, Georgia
- Boston, Massachusetts
- Chicago, Illinois
- Cleveland, Ohio
- Dallas, Texas
- Kansas City, Missouri
- Minneapolis, Minnesota
- New York City, New York
- Philadelphia, Pennsylvania
- Richmond, Virginia
- San Francisco, California
- St. Louis, Missouri
Using this map of the 12 districts, supplied by the Federal Reserve Board of Governors, can you find your home district?
No two governors of the Federal Reserve may come from the same Federal Reserve district, to preserve a "a fair representation of the financial, agricultural, industrial, and commercial interests, and geographical divisions of the country."
Using the district map, see if you can find the home district of some governors. For instance, former Chairman Alan Greenspan is from New York City, New York. His home district is New York City.
Former Chairman Ben Bernanke is from Augusta, Georgia. Where is home district?
Fed Chair Janet Yellen is from San Francisco, California.
Daniel Tarullo is from Boston, Massachusetts.
Jerome H. Powell is from New York City, New York.
- The Federal Reserve, nicknamed "the Fed", is the central bank of the United States. The Fed is led by a board of governors, whose seal is depicted in this illustration.
- There are seven members of the Federal Reserve's Board of Governors. As of November 2014, the Fed's board members are: Janet L. Yellen (chair), Stanley Fischer (vice-chair), Daniel K. Tarullo, Jerome H. Powell, and Lael Brainard. Two offices remain vacant.
- Each governor is nominated by the President of the United States, and must be confirmed by the U.S. Senate.
- The full term of a governor is 14 years, and governors may not be reappointed. The terms of a chair and vice-chair are four years, and they may be reappointed until their full 14-year governorship is complete.
- Congress sets the salaries of the Fed's board. In 2014, Chairman Janet Yellen's salary was $201,700. Other governors' salaries were $181,500.
Term Part of Speech Definition Encyclopedic Entry bank Noun
organization that loans, protects, and exchanges money to and from individuals and organizations.
Federal Reserve Noun
central bank of the United States. Also called the Fed.
impression formed when pressure is applied to a soft substance.
to stand for a person, community, or idea.
formal or official stamp, emblem, or other mark.
something used to represent something else.