The United States Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible and more stable monetary and financial system. It is a federal system, composed of a central, governmental agency and 12 regional Federal Reserve Banks. These 12 banks and their branches carry out a variety of system functions, including operating a nationwide payments system; distributing the nation s currency and coin; supervising and regulating member banks and bank holding companies; and serving as banker for the U.S. Treasury. San Francisco is the headquarters for the 12th Federal Reserve District, which includes the 9 western states: Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington; plus American Samoa, Guam and the Commonwealth of the Northern Mariana Islands. Branch offices are located in Los Angeles, Portland, Salt Lake City, and Seattle, with a cash-processing center in Phoenix.