The Federal Reserve Bank of San Francisco (informally referred to as the San Francisco Fed) is one of the twelve Federal Reserve Banks of the United States. It is responsible for the Twelfth District of the Federal Reserve System, which encompasses 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 , 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.Release Dates In 2004 the San Francisco Fed processed 20.8 billion currency notes and 1.5 billion commercial checks.
The San Francisco Fed's online American Currency Exhibit includes examples ranging from a 1776 Continental one-third-dollar note to a 1914 $10,000 Federal Reserve note.
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, as well as Janet Yellen (2004–2010), who held the role of Chair of the Board of Governors from 2014 to 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. 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.
Branches After the bank's creation, a number of branches were opened to provide services across the district. Spokane branch (opened July 26, 1917; closed 1938) Seattle branch (opened September 19, 1917) Portland branch (opened October 1, 1917; ceased cash operations 2005; currently a depot site) Salt Lake City branch (opened April 1, 1918) Los Angeles branch (opened January 2, 1920)
Although not a stand-alone branch, the bank opened the Phoenix Cash Processing Center in 2001.
Buildings
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 old 1929 Los Angeles branch building is also NRHP-listed. In 1987 the branch relocated to an adjacent new building at the corner of South Grand Ave and Olympic Blvd.
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 :
Name Title Class Term ExpiresJeffrey NewgardChairman, president, and CEO, Bank of Idaho, Idaho Falls, IdahoA2025Clint SteinCEO, Umpqua Bank, Tacoma, WashingtonA2027Laura Lee StewartPresident and CEO, Sound Community Bank and Sound Financial Bancorporation, Seattle, WashingtonA2026Maritza DiazCEO, ITJ USA, San Diego, CaliforniaB2025Karin KimbroughChief Economist, LinkedIn, Sunnyvale, CaliforniaB2026Jack SinclairCEO, Sprouts Farmers Market, Phoenix, ArizonaB2024Russell Childs (chair)President and CEO, SkyWest, Inc., St. George, UtahC2026Mario CorderoCEO, Port of Long Beach, Long Beach, CaliforniaC2025Pallavi Mehta Wahi (deputy chair)Seattle Managing Partner, K&L Gates LLP, Seattle, WashingtonC2027
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 RefGovernors 1 Archibald C. Kains 1865–1944 November 25, 1914 July 5, 1917 2 James K. Lynch* 1857–1919 August 7, 1917 April 26, 1919 3 John U. Calkins 1863–1954 May 6, 1919 February 29, 1936Presidents 4 William A. Day 1876–1951 April 1, 1936 December 31, 1945 5 Ira Clerk* 1885–1946 January 1, 1946 September 28, 1946 6 C. E. Earhart 1890–1982 October 17, 1946 February 28, 1956 7 Hermann N. Mangels 1897–1961 March 1, 1956 February 28, 1961 8 Eliot J. Swan 1911–1998 March 1, 1961 June 1, 1972 9 John J. Balles† 1921–2005 September 25, 1972 February 1, 1986 10 Robert T. Parry† 1939- February 4, 1986 June 1, 2004 11 Janet Yellen 1946– June 14, 2004 October 4, 2010 12 John C. Williams 1962– March 1, 2011 June 17, 2018 13 Mary C. Daly 1962- October 1, 2018 Incumbent
†Stepped down due to reaching retirement age*Died in office
See also
Federal Reserve Act Federal Reserve System Federal Reserve Bank Federal Reserve Districts Federal Reserve Branches Federal Reserve Bank of San Francisco Building (San Francisco, California) Structure of the Federal Reserve System
References
External links Official FRBSF Site FRBSF Currency Exhibit FRBSF Tour Info Historical 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