Federal Reserve Bank of San Francisco
Member Bank of Federal Reserve
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 million sq mi (3.4 million km2 ), 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 .[1] In 2004 the San Francisco Fed processed 20.8 billion currency notes and 1.5 billion commercial checks.[citation needed ]
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.[citation needed ]
Mary C. Daly serves as the President and CEO as of October 1, 2018.[2] Notable former Presidents include John C. Williams (2011-2018), who now holds the same role at the Federal Reserve Bank of New York [3] and is Vice Chairman of the Federal Open Market Committee ,[4] as well as Janet Yellen (2004-2010), who held the role of Chair of the Board of Governors from 2014-2018.[5]
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.[6]
Although not a stand-alone branch, the bank opened the Phoenix Cash Processing Center in 2001.[11]
Buildings
The façade of the old Federal Reserve Bank of San Francisco at 400 Sansome Street
The current Fed building in front view.
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 1929 Los Angeles branch building is also NRHP-listed.
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.[12]
Board of directors
The following people serve on the board of directors as of 2023[update] :[13]
Class A
Class B
Class C
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.
#
Portrait
CEO
Life span
Term start
Term end
Tenure length
Ref
Governors
1
Archibald C. Kains
1865–1944
November 25, 1914
July 5, 1917
2 years, 222 days
[14]
2
James K. Lynch*
1857–1919
August 7, 1917
April 26, 1919
1 year, 262 days
[15]
3
John U. Calkins
1863–1954
May 6, 1919
February 29, 1936
16 years, 299 days
[16]
Presidents
4
William A. Day
1876–1951
April 1, 1936
December 31, 1945
9 years, 274 days
[17]
5
Ira Clerk*
1885–1946
January 1, 1946
September 28, 1946
270 days
[18]
6
C. E. Earhart
1890–1982
October 17, 1946
February 28, 1956
9 years, 134 days
[19]
7
Hermann N. Mangels
1897–1961
March 1, 1956
February 28, 1961
4 years, 364 days
[20]
8
Eliot J. Swan
1911–1998
March 1, 1961
June 1, 1972
11 years, 30 days
[21]
9
John J. Balles†
1921–2005
September 25, 1972
February 1, 1986
13 years, 129 days
[22]
10
Robert T. Parry†
1939-
February 4, 1986
June 1, 2004
18 years, 118 days
[23]
11
Janet Yellen
1946–
June 14, 2004
October 4, 2010
6 years, 112 days
[24]
12
John C. Williams
1962–
March 1, 2011
June 17, 2018
7 years, 108 days
[25]
13
Mary C. Daly
1962-
October 1, 2018
Incumbent
5 years, 282 days
[26]
†
Stepped down due to reaching retirement age
*
Died in office
See also
References
^ Release Dates
^ "Office of the President" . Federal Reserve Bank of San Francisco . Retrieved 2020-02-29 .
^ "Office of the President - FEDERAL RESERVE BANK of NEW YORK" . www.newyorkfed.org . Retrieved 2020-02-29 .
^ "The Fed - Federal Open Market Committee" . Board of Governors of the Federal Reserve System . Retrieved 2020-02-29 .
^ "Janet L. Yellen | Federal Reserve History" . www.federalreservehistory.org . Retrieved 2020-02-29 .
^ a b c d e f Federal Reserve Board (June 1925). Branches and Agencies of Federal Reserve Banks (PDF) (Report). p. 1. Retrieved June 30, 2024 .
^ Kershner, Jim (April 29, 2017). "100 years ago today in Spokane: Financial leaders gush abut Federal Reserve branch for Spokane" . The Spokesman-Review . Spokane, Washington. Retrieved June 30, 2024 .
^ "FRBSF: Our Branches, Seattle" . frbsf.org . Federal Reserve Bank of San Francisco. Retrieved June 30, 2024 . The Portland Cash Operation closed in 2005 and was absorbed by the Seattle office. Portland is now a Depot site for the storage and transfer of cash, one of only ten in the Federal Reserve System.
^ "Salt Lake Branch Federal Reserve Bank Now Open" . Deseret Evening News . Salt Lake City. April 1, 1918. section 2; page 1. Retrieved June 30, 2024 .
^ Replogle, Roger; Alexander, Jessica (January 13, 2020). "Commemorating 100 Years in Los Angeles" . FRBSF: Blog . Federal Reserve Bank of San Francisco. Retrieved June 30, 2024 .
^ Federal Reserve Bank of San Francisco (September 13, 2021). "Federal Reserve Bank of San Francisco" . Federal Reserve History . Retrieved June 30, 2024 .
^ Ott, Jennifer (September 20, 2008). "Federal Reserve Bank (Seattle)" . HistoryLink . Retrieved July 24, 2016 .
^ "Federal Reserve Board - Federal Reserve Bank of San Francisco: San Francisco Board of Directors" . Retrieved March 10, 2023 .
^ "Archibald C. Kains" . Federal Reserve History. Retrieved May 5, 2021 .
^ "James K. Lynch" . Federal Reserve History. Retrieved May 5, 2021 .
^ "John U. Calkins" . Federal Reserve History. Retrieved May 5, 2021 .
^ "William A. Day" . Federal Reserve History. Retrieved May 5, 2021 .
^ "Ira Clerk" . Federal Reserve History. Retrieved May 5, 2021 .
^ "C. E. Earhart" . Federal Reserve History. Retrieved May 5, 2021 .
^ "Hermann N. Mangels" . Federal Reserve History. Retrieved May 5, 2021 .
^ "Eliot J. Swan" . Federal Reserve. Retrieved May 5, 2021 .
^ "John J. Balles" . Federal Reserve History. Retrieved May 5, 2021 .
^ "Robert T. Parry" . Federal Reserve History. Retrieved May 5, 2021 .
^ "Janet L. Yellen" . Federal Reserve History. Retrieved May 5, 2021 .
^ "John C. Williams" . Federal Reserve History. Retrieved May 5, 2021 .
^ "Mary C. Daly" . Federal Reserve History. Retrieved May 5, 2021 .
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