Tuesday, June 11th WIFS members and guests were invited to tour the operations of the Jacksonville Branch of the Federal Reserve Bank of Atlanta. Our tour began with a presentation to learn the history of the Federal Reserve and how they interact with local banks, and monitor the demand for currency in the 11th district. We were then escorted by two armed guards to view the bank’s cash processing operations, where millions of dollars are counted, sorted and shredded! Pictures were prohibited during the tour but we did manage to capture a few shots!
The Atlanta Fed, along with the other 11 regional district banks, has three primary functions: assisting with monetary policy, operation of nationwide payment system, and administering bank supervision and regulation. Its job is to decide the interest rates, and the president meets with other bank presidents and board members. The bank’s board of directors makes recommendations on the levels of discount rates. Click here to learn more about the Federal Reserve: https://www.frbatlanta.org/about/fed-explained.aspx
To see all pictures from this event, please click on the icon below to view our Facebook album.