Federal Reserve Bank of Minneapolis

From MarketsWiki
Jump to: navigation, search


The Federal Reserve Bank of Minneapolis
Founded 1914
Web site http://minneapolisfed.org/

The Federal Reserve Bank of Minneapolis, with one branch in Helena, Montana, serves the Ninth Federal Reserve District. Included in the district are Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.

Gary Stern became president and chief executive officer of the Federal Reserve Bank of Minneapolis in March 1985. Stern is one of seven members of senior management of the Bank. [1]

Stern has encouraged involvement in Federal Reserve System responsibilities. Recent assignments have included the Electronic Payments Product Office and selection as a savings bonds processing site. He has taken an active role in promoting awareness of the Minneapolis Fed through enhanced publications and district dialogues with community leaders.

Functions

As one of the 12 Federal Reserve Banks, the Minneapolis Fed carries out a variety of Federal Reserve System functions, including operating a nationwide payments system, distributing the nation's currency and coin, supervising and regulating member banks and bank holding companies, and serving as a banker for the U.S. Treasury.

Location

Minneapolis Fed headquarters are located downtown Minneapolis along the Mississippi River.


History

The Federal Reserve Bank of Minneapolis was incorporated on May 18, 1914. Directors were elected during the summer of 1914. On October 1, 1914, the Federal Reserve Board appointed John Rich, a successful banker and businessman, to be Minneapolis' Federal Reserve Agent. At their first meeting on October 14-15, 1914, directors adopted by-laws, set up an executive committee, and appointed Theodore Wold chief administrative officer. As Minneapolis' first Governor, Wold assembled and organized the Fed's staff and coordinated work during the Bank's pioneer period as well as during World War I.

During World War I, the Minneapolis Federal Reserve Bank expanded rapidly, peaking at 500 employees in 1918. This expansion was due to the Fed's responsibility, as agent for the U.S. Treasury Department, to issue war bonds. World War I also resulted in a shift in the predominately male work force. By 1918, women comprised about half of the Bank's staff. By 1943, the number of employees at the Minneapolis Fed had soared to over 900. [2]

Products and Services

Membership

Key People

References

  1. Minneapolis Fed Management. Federal Reserve Bank of Minneapolis.
  2. About the Fed-Minneapolis Fed Historical Overview. Federal Reserve Bank of Minneapolis.