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Apr 12, 2021

[Answer] What is the only state with two Federal Reserve Banks?

Step 1 : Introduction to the question "What is the only state with two Federal Reserve Banks?"

...1. California 2. New York 3. Missouri 4. Colorado

Step 2 : Answer to the question "What is the only state with two Federal Reserve Banks?"

Missouri - The Federal Reserve System was founded in 1913, when President Woodrow Wilson signed the Federal Reserve Act into law and established the U.S. central bank. There are twelve Federal Reserve banks in the country, one for each Federal Reserve District. Two banks ended up in the state of Missouri — one in Kansas City and one in St. Louis — making it the only state in the Union with two Federal Reserve banks. That was due to how the districts were drawn up, but some believe politics came into play when choosing the locations. St. Louis’ selection was less surprising, as it was the nation’s fourth-largest city at the time, but Kansas City was a more controversial choice. However, Kansas City received significant support from bankers and offered transportation and business connections that ultimately secured its bid. :

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