OUR DISTRICT San Francisco is the headquarters of the Twelfth Federal Reserve District, which includes the nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. Of the twelve Federal Reserve Districts, the Twelfth District is the largest by geography and the size of its economy. How the Federal Reserve Works for You: The Federal Reserve System is the central bank of the United States, responsible for promoting a strong and stable economy. It consists of the Board of Governors in Washington DC and 12 Federal Reserve Banks. The Federal Reserve: + Sets U.S. monetary policy + Regulates banks + Provides payment services to the U.S. government and depository institutions + Listens to and learns from the people we serve to understand how our policy is affecting their lives and livelihoods + Conducts research and engages communities to expand economic opportunity and help our economy reach its full potential. Above all, our goal is to ensure a healthy, inclusive, and sustainable economy. To support this effort, we pursue two key goals: maximum employment and price stability. This is known as the Fed’s dual mandate. One way that the San Francisco Fed works toward our dual mandate is by pursuing strategic initiatives to examine the events, risks, and trends that materially affect the economy, as well as factors that could limit future economic growth. In doing so, we aim to help create unreserved opportunity for all Americans.