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 United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

. 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 ...

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 stat ...

Idaho Idaho ( ) is a U.S. state, 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 Monta ...

Nevada Nevada ( ; ) is a U.S. state, state in the Western United States, 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. N ...

Oregon Oregon () is a U.S. state, state in the Pacific Northwest region of the Western United States. The Columbia River delineates much of Oregon's northern boundary with Washington (state), Washington, while the Snake River delineates much of it ...

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 its ...

, 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 Internatio ...

, 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 largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world ...

, Portland,

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 region o ...

. It also has a cash processing center in Phoenix. 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 New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

. 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 The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of Ne ...

and is Vice Chairman of the Federal Open Market Committee, 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 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 The Bar Association of San Francisco (BASF) was established in 1872 as a nonprofit legal membership organization that provides San Francisco legal professionals with networking, educational and pro bono opportunities in order to better serve the com ...

. 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 Downtown is the central business district of Seattle, Washington. It is fairly compact compared with other city centers on the U.S. West Coast due to its geographical situation, being hemmed in on the north and east by hills, on the west by ...

, 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 The Federal Reserve Bank of San Francisco, Los Angeles Branch, is the Southern California branch of the Federal Reserve Bank of San Francisco, located on West Olympic Boulevard and South Olive Street in southern Downtown Los Angeles. It is withi ...

Federal Reserve Bank of San Francisco Portland Branch The Federal Reserve Bank of San Francisco, Portland Branch, was a branch of the Federal Reserve Bank of San Francisco. The branch closed in 2005 and its operations were absorbed by the Seattle Branch. The Portland location is now a depot site for th ...

Federal Reserve Bank of San Francisco Salt Lake City Branch The Federal Reserve Bank of San Francisco Salt Lake City Branch is one of four branches of the Federal Reserve Bank of San Francisco. The branch is located at 120 South State Street in downtown Salt Lake City, Utah. The branch currently occupies ...

* Federal Reserve Bank of San Francisco Seattle Branch

References

External links

Official FRBSF SiteFRBSF Currency ExhibitHistorical resources by and about the Federal Reserve Bank of San Francisco
including annual reports back to 1915
Public Statements of Past Presidents of the Federal Reserve Bank of San Francisco
on 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 17t ...

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

History

Buildings

Board of Directors

Class A

Class B

Class C

Governors and presidents

Branches

See also

References

External links