Richmond Federal Reserve Headquarters on Capitol Square, 1939.

The Federal Reserve System, sponsored by Virginia Senator Carter Glass, was signed into law on December 23, 1913, by President Woodrow Wilson. In 1914, the city of Richmond was selected to be the home to one of 12 central bank locations and was to serve the mid-Atlantic region of the United States. The first Richmond central branch president, George Seay, led the movement to bring the bank to the city. He cited many reasons, such as the city’s geographic location being in the middle of the designated region and as a leading regional banking district in Virginia. Today, the Federal Reserve Bank of Richmond represents the Fifth Federal Reserve District which serves Virginia, Maryland, North Carolina, South Carolina, Washington, D.C., and most areas of West Virginia.

The Federal Reserve System serves as the fiscal agent of the U.S Treasury. The Federal Reserve System is composed of both public and private elements in order to uphold the integrity of the organization, keep the bank free from political agendas, and ensures the Federal Reserve System is held accountable for its actions. The Federal Reserve System has three key responsibilities: conducting monetary policy, supervising and regulating financial institutions, and providing services to financial institutions. The Federal Reserve System oversees monetary policies which seeks to create market price stability in the economy and maximize employment opportunities which help sustain a growing economy. The Federal Reserve System also regulates other financial institutions by writing regulations which act as rules and guidelines. The regulations of the Federal Reserve System clearly defines acceptable behavior within the banking industry, manages regulations through oversight, and enforces any violations to the regulations. The Federal Reserve System provides services for other financial institutions through a variety of services including: payment services, check processing services, and electronic payment services.

Since the opening of the Federal Reserve Bank of Richmond in 1914, the bank’s headquarters has had three locations in downtown Richmond. The first bank was located near the federal courts and opened in 1914. In 1921, the bank was relocated to historic Capitol Square and operations continued there until 1978. The bank then moved to its current location on 701 East Byrd Street, overlooking the James River. Additional offices were opened to support the Richmond Federal Reserve Bank’s operations, in Baltimore, Maryland in 1918 and Charlotte, North Carolina in 1927. The mission of the Federal Reserve System is to “serve the public by fostering the stability, integrity and efficiency of our nation's monetary, financial and payments systems." This image of the bank on Capitol Square was displayed at the World's Fair.
 
Citations: [The Federal Reserve Bank in Richmond, a beautiful example of modern bank architecture], Virginia New York World’s Fair Commission, 1939 World's Fair Photograph Collection, online in the Library of Virginia Digital Collections Discovery. 

Preview Activity

Look at it: The building in the photograph is the Federal Reserve Building for the Fifth District from 1921 to 1978. List 3 things you know about the Federal Reserve.

Post Activities

Analyze: The Federal Reserve set regulations for the banking and finance sectors. How might these regulations help the average consumer?

Think About It: List four economic indicators that are dependent on regulations or decisions made by the Federal Reserve.