Federal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia, also known as the Philly Fed, is responsible for the Third Federal Reserve District, which covers eastern and central Pennsylvania, southern New Jersey, and Delaware. Established under the Federal Reserve Act of 1913, its mission is to foster a strong and stable economy and financial system. The Bank's key functions include conducting economic research, supervising banks and financial institutions within its district, providing payment services to banks and the U.S. Treasury, and contributing to the formulation of national monetary policy through its participation in the Federal Open Market Committee (FOMC).