Federal Reserve Bank of Philadelphia

One of 12 regional banks in the Federal Reserve System, the Federal Reserve Bank of Philadelphia oversees system member banks and bank holding companies in eastern and central Pennsylvania, southern New Jersey, and Delaware. It conducts examinations and investigations of member institutions, distributes money, issues savings bonds and Treasury securities, and assists the Fed in setting monetary policy. The bank also processes checks and acts as a clearinghouse for payments between banks in its region. Federal Reserve Banks are not-for-profit and return income (primarily earned from investments in US government and federal agency securities) to the US Treasury.