The Federal Reserve Bank of San Francisco (informally referred to as the San Francisco Fed) is the
federal bank
Federal Bank Limited is an Indian private sector bank headquartered in Aluva, Kochi, Kerala. The bank has 1,336 branches spread across different states in India. It also has representative offices abroad in Abu Dhabi, Qatar, Kuwait, Oman, and ...
for the twelfth district in the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
. The twelfth district is made up of nine western
states—
Alaska
Alaska ( ; russian: Аляска, Alyaska; ale, Alax̂sxax̂; ; ems, Alas'kaaq; Yup'ik: ''Alaskaq''; tli, Anáaski) is a state located in the Western United States on the northwest extremity of North America. A semi-exclave of the U.S. ...
,
Arizona
Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a state in the Southwestern United States. It is the 6th largest and the 14th most populous of the 50 states. Its capital and largest city is Phoenix. Arizona is part of the Fou ...
,
California
California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...
,
Hawaii
Hawaii ( ; haw, Hawaii or ) is a state in the Western United States, located in the Pacific Ocean about from the U.S. mainland. It is the only U.S. state outside North America, the only state that is an archipelago, and the only state ...
,
Idaho
Idaho ( ) is a state in the Pacific Northwest region of the Western United States. To the north, it shares a small portion of the Canada–United States border with the province of British Columbia. It borders the states of Montana and Wyomi ...
,
Nevada
Nevada ( ; ) is a state in the Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. Nevada is the 7th-most extensive, ...
,
Oregon
Oregon () is a state in the Pacific Northwest region of the Western United States. The Columbia River delineates much of Oregon's northern boundary with Washington, while the Snake River delineates much of its eastern boundary with Idaho. T ...
,
Utah
Utah ( , ) is a state in the Mountain West subregion of the Western United States. Utah is a landlocked U.S. state bordered to its east by Colorado, to its northeast by Wyoming, to its north by Idaho, to its south by Arizona, and to it ...
, and
Washington
Washington commonly refers to:
* Washington (state), United States
* Washington, D.C., the capital of the United States
** A metonym for the federal government of the United States
** Washington metropolitan area, the metropolitan area centered o ...
—plus the
Northern Mariana Islands
The Northern Mariana Islands, officially the Commonwealth of the Northern Mariana Islands (CNMI; ch, Sankattan Siha Na Islas Mariånas; cal, Commonwealth Téél Falúw kka Efáng llól Marianas), is an unincorporated territory and commonw ...
,
American Samoa
American Samoa ( sm, Amerika Sāmoa, ; also ' or ') is an unincorporated territory of the United States located in the South Pacific Ocean, southeast of the island country of Samoa. Its location is centered on . It is east of the Internationa ...
, and
Guam
Guam (; ch, Guåhan ) is an organized, unincorporated territory of the United States in the Micronesia subregion of the western Pacific Ocean. It is the westernmost point and territory of the United States (reckoned from the geographic cent ...
. The San Francisco Fed has branch offices in
Los Angeles
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...
,
Portland
Portland most commonly refers to:
* Portland, Oregon, the largest city in the state of Oregon, in the Pacific Northwest region of the United States
* Portland, Maine, the largest city in the state of Maine, in the New England region of the northeas ...
,
Salt Lake City
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, th ...
, and
Seattle
Seattle ( ) is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest regio ...
. It also has a cash processing center in
Phoenix
Phoenix most often refers to:
* Phoenix (mythology), a legendary bird from ancient Greek folklore
* Phoenix, Arizona, a city in the United States
Phoenix may also refer to:
Mythology
Greek mythological figures
* Phoenix (son of Amyntor), a ...
.
The twelfth district is the nation's largest by area and population, covering , 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
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general ...
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
The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United States Treas ...
, as well as
Janet Yellen
Janet Louise Yellen (born August 13, 1946) is an American economist serving as the 78th United States secretary of the treasury since January 26, 2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. Yellen is ...
(2004-2010), who held the role of
Chair of the Board of Governors from 2014-2018.
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
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.
The Pani ...
. 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 St.
Buildings
The old
headquarters building of the bank, designed by
George W. Kelham, has an
Ionic colonnade
In classical architecture, a colonnade is a long sequence of columns joined by their entablature, often free-standing, or part of a building. Paired or multiple pairs of columns are normally employed in a colonnade which can be straight or cur ...
that is pure
Beaux-Arts, while the upper building is in the new
Moderne fashion of 1924. The lobby with murals by
Jules Guerin
Jules is the French form of the Latin "Julius" (e.g. Jules César, the French name for Julius Caesar). It is the given name of:
People with the name
*Jules Aarons (1921–2008), American space physicist and photographer
*Jules Abadie (1876–195 ...
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
The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic ...
(NRHP).
There is also a
Federal Reserve Bank of San Francisco building in Los Angeles. The 1929 built 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.
Board of Directors
The following people serve on the board of directors :
Class A
Class B
Class C
Governors and presidents
The position was installed under the title of “Governor” until the
Banking Act of 1935
The ''Banking Act of 1935'' passed on August 19, 1935 and was signed into law by the president, Franklin D. Roosevelt, on August 23. The Act changed the structure and power distribution in the Federal Reserve System that began with the '' Banking ...
abolished the dual role of governor and agent and created a single leadership role – president.
Branches
*
Federal Reserve Bank of San Francisco, Los Angeles Branch
*
Federal Reserve Bank of San Francisco Portland Branch
*
Federal Reserve Bank of San Francisco Salt Lake City Branch
*
Federal Reserve Bank of San Francisco Seattle Branch
The Federal Reserve Bank of San Francisco Seattle Branch is one of four branches of the Federal Reserve Bank of San Francisco.
The branch is located at 2700 Naches Ave SW in Renton, Washington, a suburb south of Seattle. Until 2008, the branch wa ...
See also
*
Federal Reserve Act
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.
The Pani ...
*
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) 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 ...
*
Federal Reserve Bank
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve ...
*
Federal Reserve Districts
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve ...
*
Federal Reserve Branches There are 24 Federal Reserve branches. There were 25 branches but in October 2008 the Federal Reserve Bank of New York Buffalo Branch was closed.
List of Federal Reserve branches
* Boston
* New York
** '' Federal Reserve Bank of New York Buffal ...
*
Federal Reserve Bank of San Francisco Building (San Francisco, California)
*
Structure of the Federal Reserve System
References
External links
Official FRBSF SiteFRBSF Currency ExhibitHistorical resources by and about the Federal Reserve Bank of San Franciscoincluding annual reports back to 1915
Public Statements of Past Presidents of the Federal Reserve Bank of San Franciscoon FRASER
Speeches of Presidents of the Federal Reserve Bank of San Francisco*The old main office building is at coordinates
{{DEFAULTSORT:Federal Reserve Bank Of San Francisco
San Francisco
San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...
Government buildings in San Francisco
Streamline Moderne architecture in California
Bank buildings on the National Register of Historic Places in California
Economy of the Western United States
National Register of Historic Places in San Francisco