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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Banking Supervision
We promote the safety and soundness of individual financial institutions and monitor their impact on the financial system as a whole, as well as ensure financial institutions are protecting consumers.
Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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We share research, data and resources and regularly engage regional leaders and policymakers to understand and address community‑specific economic issues.
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We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Working Papers

March 1977, No. 77-1

The Cost of Membership in the Federal Reserve System

Walter A. Varvel

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The disadvantages or "costs" associated with membership in the Federal Reserve System, apparently increasing in recent years, have resulted in many existing banks withdrawing from the system and a large majority of organizing banks choosing nonmember status.

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Katrina Mullen (804) 697-8145

Working Papers

The Cost of Membership in the Federal Reserve System

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