Federal Reserve Bank of Richmond

Last updated
Federal Reserve Bank of Richmond
Seal of the United States Federal Reserve System.svg
Federal Reserve Seal
Federal Reserve and Riverfront Plaza (9743453366).jpg
Headquarters
Headquarters701 E Byrd St
Richmond, Virginia, USA
EstablishedMay 18, 1914(105 years ago) (1914-05-18)
President Thomas Barkin
Central bank of
Website www.RichmondFed.org
The Federal Reserve Bank of Richmond is one of 12 regional banks that make up the Federal Reserve System

The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia excluding the Northern Panhandle. Branch offices are located in Baltimore, Maryland and Charlotte, North Carolina. Thomas Barkin became president of the Richmond Fed following the retirement of Jeffrey M. Lacker in April 2017. [1] The previous president, J. Alfred Broaddus, retired in 2004. [2]

Federal Reserve Central banking system of the United States

The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.

Richmond, Virginia Capital of Virginia

Richmond is a city in, and the capital of, the U.S. state of Virginia. It is the center of the Richmond Metropolitan Statistical Area (MSA) and the Greater Richmond Region. Richmond was incorporated in 1742 and has been an independent city since 1871.

Maryland State of the United States of America

Maryland is a state in the Mid-Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east. The state's largest city is Baltimore, and its capital is Annapolis. Among its occasional nicknames are Old Line State, the Free State, and the Chesapeake Bay State. It is named after the English queen Henrietta Maria, known in England as Queen Mary, who was the wife of King Charles I.

Contents

Building

Fifth District of the Federal Reserve Richmond Fed map.png
Fifth District of the Federal Reserve

The Federal Reserve Bank of Richmond is located in Downtown Richmond, Virginia. It has an aluminum facade and was designed by Minoru Yamasaki, who also designed the former World Trade Center. [3] Despite being one of the tallest buildings in the state, 49% of the building's total floor area is located underground. [3] The building was proposed in 1972, and built from 1975-1978. [3]

Downtown Richmond, Virginia neighbourhood of Richmond, Virginia, United States of America

Downtown Richmond is the central business district of Richmond, Virginia. It is generally defined as being bound by Belvidere Street to the west, I-95 to the north and east, and the James River to the south. The Fan district borders it to the west, Highland Park to the north, Church Hill to the east, and Manchester to the south.

Minoru Yamasaki American architect

Minoru Yamasaki was an American architect, best known for designing the original World Trade Center in New York City and several other large-scale projects. Yamasaki was one of the most prominent architects of the 20th century. He and fellow architect Edward Durell Stone are generally considered to be the two master practitioners of "New Formalism".

World Trade Center (1973–2001) complex of buildings in Lower Manhattan, New York City, United States

The original World Trade Center was a large complex of seven buildings in Lower Manhattan, New York City, United States. It opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. At the time of their completion, the Twin Towers — the original 1 World Trade Center, at 1,368 feet (417 m); and 2 World Trade Center, at 1,362 feet (415.1 m)—were the tallest buildings in the world. Other buildings in the complex included the Marriott World Trade Center, 4 WTC, 5 WTC, 6 WTC, and 7 WTC. The complex was located in New York City's Financial District and contained 13,400,000 square feet (1,240,000 m2) of office space.

Economy

The Federal Reserve Bank of Richmond is the fourth-largest Federal Reserve Bank by assets held, after New York, San Francisco, and Atlanta, as of December 2018. [4]

Federal Reserve Bank of New York

The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, New York. It is responsible for the Second District of the Federal Reserve System, which encompasses New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Working within the Federal Reserve System, the Federal Reserve Bank of New York implements monetary policy, supervises and regulates financial institutions and helps maintain the nation's payment systems.

Federal Reserve Bank of San Francisco

The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus the Northern Mariana Islands, American Samoa, and Guam. The San Francisco Fed has branch offices in Los Angeles, Portland, Salt Lake City, and Seattle. It also has a cash processing center in Phoenix.

Federal Reserve Bank of Atlanta Building in Georgia, United States

The Federal Reserve Bank of Atlanta,, is the sixth district of the 12 Federal Reserve Banks of the United States and is headquartered in midtown Atlanta, Georgia.

Federal Reserve Note Seal (Richmond) Federal Reserve Note Seal (Richmond).tif
Federal Reserve Note Seal (Richmond)
Former presidents of the Richmond Fed (Left to Right: J. Alfred Broaddus Jr.; Robert P. Black; Jeffrey M. Lacker) FRS RICH cent grp 121613 0556 02838 (14079997691).jpg
Former presidents of the Richmond Fed (Left to Right: J. Alfred Broaddus Jr.; Robert P. Black; Jeffrey M. Lacker)

Branches

Board of Directors

The following people serve on the board of directors as of 2018: [5]

Class A

Class A
NameTitleTerm Expires
Susan K. Still President and Chief Executive Officer
HomeTown Bankshares Corporation and HomeTown Bank
Roanoke, Virginia
2018
William A. Loving Jr Chief Executive Officer
Pendleton Community Bank
Franklin, West Virginia
2019
Robert R. Hill, Jr. Chief Executive Officer
South State Corporation and South State Bank
Columbia, South Carolina
2020

Class B

Class B
NameTitleTerm Expires
Catherine A. Meloy President and Chief Executive Officer
Goodwill of Greater Washington/Goodwill Excel Center
Washington, D.C.
2018
Ángel Cabrera President
George Mason University
Fairfax, Virginia
2019
Thomas C. Nelson Chairman, President, and Chief Executive Officer
National Gypsum Company
Charlotte, North Carolina
2020

Class C

NameTitleTerm Expires
VacantN/A2018
Margaret G. Lewis

(Chair)

Retired President
HCA Capital Division
Richmond, Virginia
2019
Kathy J. Warden

(Deputy Chair)

President and CEO
Northrop Grumman Corporation
Falls Church, Virginia
2020

See also

Federal Reserve Act Law created the Federal Reserve System, the central banking system of the United States

The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States.

Structure of the Federal Reserve System

The Federal Reserve System is composed of five parts:

  1. The presidentially appointed Board of Governors, an independent federal government agency located in Washington, D.C.
  2. The Federal Open Market Committee (FOMC), composed of the seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank presidents, which oversees open market operations, the principal tool of U.S. monetary policy.
  3. Twelve regional Federal Reserve Banks located in major cities throughout the nation, which divide the nation into twelve Federal Reserve districts. The Federal Reserve Banks act as fiscal agents for the U.S. Treasury, and each has its own nine-member board of directors.
  4. Numerous other private U.S. member banks, which own required amounts of non-transferable stock in their regional Federal Reserve Banks.
  5. Various advisory councils.

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Federal Reserve Bank of Richmond Baltimore Branch United States national historic site

The Federal Reserve Bank of Richmond Baltimore Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond's Baltimore Branch is an operational and regional center for Maryland, the metropolitan Washington D.C. area, Northern Virginia, and northeastern West Virginia. The Baltimore branch is part of the Fifth District and has the code E5. It supports Check 21 operations, supplies coin and currency to financial institutions and works to maintain stability in the financial sector throughout the Fifth District and also works with local elected officials and non-profit organizations to support fair housing initiatives throughout the Fifth District. The Baltimore branch was founded in March 1918 and is currently headed by William R. Roberts.

The Federal Reserve Bank of Richmond Charlotte Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond’s Charlotte Branch is an operational and regional center for the Carolinas, including the nation’s second largest financial center in Charlotte, NC. They promote the safety and soundness of large bank holding companies headquartered in Charlotte. They distribute currency and coin to financial institutions in our region and provide check adjustment services for the Federal Reserve System. Their public programs include forums and conferences, economic education outreach, tours and a speakers’ bureau.Clemson Dean Lilly has been serving as the director since 2007.

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J. Alfred Broaddus

J. Alfred Broaddus, Jr. was the sixth president of the Federal Reserve Bank of Richmond, headquarters of the Fifth District of the Federal Reserve System serving the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia with the exception of the Northern Panhandle.

Robert P. Black Notable Person

Robert P. Black, a native of Hickman, Kentucky, was the fifth president (1973–1992) of the Federal Reserve Bank of Richmond, the headquarters of the Fifth District of the Federal Reserve System. He was preceded in that position by Aubrey N. Heflin and succeeded by J. Alfred Broaddus (1993–2004) and Jeffrey Lacker.

References

  1. "Federal Reserve Bank of Richmond Presidential Search". www.richmondfed.org. Retrieved 24 April 2017.
  2. "Federal Reserve Bank of Richmond". www.richmondfed.org. Retrieved 12 January 2017.
  3. 1 2 3 "Federal Reserve Bank Building". Emporis.
  4. "Directors of Federal Reserve Banks and Branches". The Federal Reserve. December 13, 2018.

Coordinates: 37°32′08″N77°26′26″W / 37.535639°N 77.440645°W / 37.535639; -77.440645