Alan Grayson: “My amendment would increase the number of Federal Reserve Districts from 12 to 15. The three new districts would be for…”

“My amendment would increase the number of Federal Reserve Districts from 12 to 15. The three new districts would be for northern California, southern California, and Florida; based in San Francisco, Los Angeles, and Orlando. No current Federal Reserve banks would be relocated as a result. Take a look at the map to my right and you will see a map that is over a century old. The Federal Reserve Districts have not been updated significantly since they were first established in 1913--102 years ago. It is time to bring our Federal Reserve Districts into the 21st century. Right now, for instance, one district represents everywhere from Utah to the Pacific Ocean, including Alaska and Hawaii. The three new districts would be centered in three of the fastest growing regions of our country in terms of both population and economic growth. In 1913, the 12th district, based in San Francisco, had only 6 percent of the population of the United States. In 2000, it had 19 percent, or 65 million Americans. As you can see from the next chart, districts designed originally a century ago to have equal population have reached the point where one district has 10 times the population of another district. In the case of the Western district, it now includes a total of nine States jumbled together, California and eight surrounding States. Similarly, the district including Florida and the neighboring States has grown to 45 million Americans--twice the average.…”