Federal Reserve Bank of Chicago
|Federal Reserve Bank of Chicago|
|Key People||President and CEO Charles L. Evans|
The Federal Reserve Bank of Chicago (Chicago Fed) is one of 12 regional Federal Reserve system banks and serves the Seventh Federal Reserve District. The Chicago Fed regulates over 2,000 financial institutions in the northeastern Midwest and has offices in Des Moines, Chicago and Detroit.
The Chicago Fed was created with the Federal Reserve Bank system in 1913 and is one of 12 regional banks that reports to the U.S. Federal Reserve Bank in Washington, D.C. It currently oversees 2,640 depository institutions in Iowa, Wisconsin, Illinois, Indiana and Michigan.
Initially the Federal Reserve Bank of Chicago opened for business with 41 employees on two floors in the Rector Building at Clark and Monroe. By 1919, the Bank's 1,200 employees were scattered throughout the Chicago Loop. In some cases stenographers had to cross the street from one building to another and climb three flights of stairs to take dictation. Other problems cropped up: One building was overrun with rats, and another had heating deficiencies. Years later, two of the Bank's original employees wrote of trying to keep warm by resorting to the Dickensian solution of wrapping currency sacks around their feet. It was clear that new quarters were needed. Accordingly, the Chicago Fed purchased a 165 x 160-foot lot on LaSalle Street extending from Quincy Street to Jackson Boulevard. The 1918 annual report noted that the property was not only "the most desirable site" in the city for the Bank's purposes, but was "acquired at an exceedingly low cost, the purchase price being $2,936,149."
The current structure was designed by famed Chicago architectural firm Graham, Anderson, Probst and White and built in 1922. Over the years, the property has evolved as the Chicago Fed found itself needing more space. A 180,000-square-foot, 16-story addition was completed in 1960. And in the early 1980s, the bank underwent a major renovation to accommodate modern infrastructure and expand its space further. In 1986, the bank renovated its existing 820,000 square feet and added a 14-story, 165,000-square-foot addition.
In 2001, the bank opened its 5,600-square-feet Money Museum for visitors. Free and open to the public, the museum offers visitors an interactive look at the role of the Federal Reserve in maintaining a healthy economy as well as a look at millions of dollars in various denominations; education on how to detect counterfeits.