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Federal Reserve Bank of San Francisco

Member Bank of Federal Reserve

Federal Reserve Bank of San Francisco
Summary

Member Bank of Federal Reserve

FieldValue
nameFederal Reserve Bank of San Francisco
image_1Seal of the United States Federal Reserve System.svg
image_title_1Federal Reserve Seal
image_2Federal Reserve Bank, San Francisco.jpg
image_title_2Headquarters
headquarters101 Market Street
San Francisco, California, USA
coordinates
established
ownership
executive_titlePresident
executiveMary C. Daly
bank_of
currency_iso
reserve_requirements
borrowing_rate
interest_rate_target
deposit_rate
excess_reserves
websitefrbsf.org
footnotesThe Federal Reserve Bank of San Francisco is one of 12 regional banks that make up the Federal Reserve System

San Francisco, California, USA

The Federal Reserve Bank of San Francisco (informally referred to as the San Francisco Fed) 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.

The twelfth district is the nation's largest by area and population, covering 1.3 e6sqmi, or 36% of the nation's area, and 60 million people. The Federal Reserve Bank of San Francisco is the second-largest by assets held, after New York. In 2004 the San Francisco Fed processed 20.8 billion currency notes and 1.5 billion commercial checks.

The Federal Reserve Bank in San Francisco has one of the largest collections of US paper money in the United States, which is displayed in the American Currency Exhibit.

Mary C. Daly serves as the President and CEO as of October 1, 2018. Notable former Presidents include John C. Williams (2011–2018), who now holds the same role at the Federal Reserve Bank of New York and is Vice Chairman of the Federal Open Market Committee, as well as Janet Yellen (2004–2010), who held the role of Chair of the Board of Governors from 2014 to 2018.

History

The San Francisco Federal Reserve Bank opened for business in rented quarters at the rear of the Merchants National Bank on November 16, 1914, in order to make the reserve provisions of the Federal Reserve Act. In 1924, the San Francisco staff moved out of temporary locations and into the Bank's newly built headquarters at 400 Sansome Street, a location that it would occupy for the next 60 years. In 1983, the bank relocated to 101 Market Street.

Federal reserve districts, of which the 12th is largest and most populous
Map of the Twelfth District

Branches

After the bank's creation, a number of branches were opened to provide services across the district.

  • Spokane branch (opened July 26, 1917; closed 1938)
  • Seattle branch (opened September 19, 1917)
  • Portland branch (opened October 1, 1917; ceased cash operations 2005; currently a depot site)
  • Salt Lake City branch (opened April 1, 1918)
  • Los Angeles branch (opened January 2, 1920)

Although not a stand-alone branch, the bank opened the Phoenix Cash Processing Center in 2001.

Buildings

old Federal Reserve Bank of San Francisco]] at 400 Sansome Street
Arcade of the current building along Market Street

The old headquarters building of the bank, designed by George W. Kelham, has an Ionic colonnade that is pure Beaux-Arts, while the upper building is in the new Moderne fashion of 1924. The lobby with murals by Jules Guerin who created the palette for the 1915 Panama-Pacific International Exhibition. In 1983 the bank relocated to larger and more modern facilities on 101 Market Street as the 400 Sansome Street location was sold to private developers who rented out the space. Prominent law firm Orrick Herrington & Sutcliffe was headquartered in the building until 2002 when the firm moved out of the space. The building continues to be owned by private developers and current tenants include the Bar Association of San Francisco. It is listed on the National Register of Historic Places (NRHP).

The old 1929 Los Angeles branch building is also NRHP-listed. In 1987 the branch relocated to an adjacent new building at the corner of South Grand Ave and Olympic Blvd.

From 1951 to 2008, the Seattle branch was headquartered at the Federal Reserve Bank Building in Downtown Seattle, which had been built in 1951 for the branch and is listed on the NRHP.

Board of directors

The following people serve on the board of directors :

NameTitleClassTerm ExpiresJeffrey NewgardClint SteinLaura Lee StewartMaritza DiazKarin KimbroughJack SinclairRussell Childs (chair)Mario CorderoPallavi Mehta Wahi (deputy chair)
Chairman, president, and CEO, Bank of Idaho, Idaho Falls, IdahoA2025
CEO, Umpqua Bank, Tacoma, WashingtonA2027
President and CEO, Sound Community Bank and Sound Financial Bancorporation, Seattle, WashingtonA2026
CEO, ITJ USA, San Diego, CaliforniaB2025
Chief Economist, LinkedIn, Sunnyvale, CaliforniaB2026
CEO, Sprouts Farmers Market, Phoenix, ArizonaB2024
President and CEO, SkyWest, Inc., St. George, UtahC2026
CEO, Port of Long Beach, Long Beach, CaliforniaC2025
Seattle Managing Partner, K&L Gates LLP, Seattle, WashingtonC2027

Governors and presidents

The position was installed under the title of "Governor" until the Banking Act of 1935 abolished the dual role of governor and agent and created a single leadership role – president.

#PortraitCEOLife spanTerm startTerm endTenure lengthRef
Governors
1[[File:Archibald C. Kains, official portrait.jpg80px]]Archibald C. Kains1865–1944November 25, 1914July 5, 1917
2[[File:James K. Lynch, official portrait.jpg80px]]James K. Lynch*1857–1919August 7, 1917April 26, 1919
3[[File:John U. Calkins, official portrait.jpg80px]]John U. Calkins1863–1954May 6, 1919February 29, 1936
Presidents
4[[File:William A. Day, official portrait.jpg80px]]William A. Day1876–1951April 1, 1936December 31, 1945
5[[File:Ira Clerk, official portrait.jpg80px]]Ira Clerk*1885–1946January 1, 1946September 28, 1946
6[[File:C. E. Earhart, official portrait.jpg80px]]C. E. Earhart1890–1982October 17, 1946February 28, 1956
7[[File:Hermann N. Mangels, official portrait.jpg80px]]Hermann N. Mangels1897–1961March 1, 1956February 28, 1961
8[[File:Eliot J. Swan, official portrait.jpg80px]]Eliot J. Swan1911–1998March 1, 1961June 1, 1972
9[[File:John J. Balles, official portrait.jpg80px]]John J. Balles†1921–2005September 25, 1972February 1, 1986
10[[File:Robert T. Parry, official portrait.jpg80px]]Robert T. Parry†1939-February 4, 1986June 1, 2004
11[[File:Janet yellen.jpg80px]]Janet Yellen1946–June 14, 2004October 4, 2010
12[[File:Sf williams.jpg80px]]John C. Williams1962–March 1, 2011June 17, 2018
13[[File:David Schweikert and Mary C. Daly 02.jpg80px]]Mary C. Daly1962-October 1, 2018Incumbent
*Died in office

References

References

  1. [http://www.federalreserve.gov/releases/h41/ Release Dates]
  2. "Office of the President".
  3. "Office of the President - FEDERAL RESERVE BANK of NEW YORK".
  4. "The Fed - Federal Open Market Committee".
  5. "Janet L. Yellen {{!}} Federal Reserve History".
  6. Federal Reserve Board. (June 1925). "Branches and Agencies of Federal Reserve Banks".
  7. Kershner, Jim. (April 29, 2017). "100 years ago today in Spokane: Financial leaders gush abut Federal Reserve branch for Spokane". The Spokesman-Review.
  8. . (). ["FRBSF: Our Branches, Seattle"](https://www.frbsf.org/about-us/financial-services/12th-district-cash-operations/our-branches/our-branches-seattle/). *Federal Reserve Bank of San Francisco*.
  9. . (April 1, 1918). ["Salt Lake Branch Federal Reserve Bank Now Open"](https://newspapers.lib.utah.edu/ark:/87278/s6xm39db/25105001). *[[Deseret News*.
  10. (January 13, 2020). "Commemorating 100 Years in Los Angeles". Federal Reserve Bank of San Francisco.
  11. Federal Reserve Bank of San Francisco. (September 13, 2021). "Federal Reserve Bank of San Francisco". Federal Reserve History.
  12. (March 8, 1987). "New L. A. Federal Reserve Bank to Open : Five-Story Building Will Replace Adjacent, Outgrown Quarters". Los Angeles Times.
  13. Ott, Jennifer. (September 20, 2008). "Federal Reserve Bank (Seattle)". [[HistoryLink]].
  14. (October 11, 2012). "Federal Reserve Board - Federal Reserve Bank of San Francisco: San Francisco Board of Directors".
  15. "Archibald C. Kains". Federal Reserve History.
  16. "James K. Lynch". Federal Reserve History.
  17. "John U. Calkins". Federal Reserve History.
  18. "William A. Day". Federal Reserve History.
  19. "Ira Clerk". Federal Reserve History.
  20. "C. E. Earhart". Federal Reserve History.
  21. "Hermann N. Mangels". Federal Reserve History.
  22. "Eliot J. Swan". Federal Reserve.
  23. "John J. Balles". Federal Reserve History.
  24. "Robert T. Parry". Federal Reserve History.
  25. "Janet L. Yellen". Federal Reserve History.
  26. "John C. Williams". Federal Reserve History.
  27. "Mary C. Daly". Federal Reserve History.
Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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