Federal Reserve Bank of San Francisco
The Federal Reserve Bank of San Francisco , also known as the San Francisco Fed , is one of twelve regional banks that make up the United States Federal Reserve System . The bank's twelfth district consists of nine western states - Alaska , Arizona , California , Hawaii , Idaho , Nevada , Oregon , Utah and Washington - as well as the overseas territories of the Northern Mariana Islands , American Samoa and Guam . The San Francisco Fed has offices in Los Angeles , Portland , Salt Lake City and Seattle . There is also a cash processing center in Phoenix . The bank is set up similar to a private bank. It stores assets, processes checks and issues loans to private banks in its regulated area. Its job is also to work with the other branches of the Fed to set interest rates, and its president meets regularly with other bank presidents and board members of the Federal Reserve System. The San Francisco Fed is also responsible for the preparation of regular economic reports and the regulation and supervision of the local banks.
The twelfth district is the largest in the country in terms of area and population. It covers 3.4 million km² (36% of the country's area) and over 60 million people. The Federal Reserve Bank of San Francisco is the second largest regional bank in the Federal Reserve System by asset ownership after the New York Fed .
history
The San Francisco Federal Reserve Bank began operations in rented premises behind the Merchants National Bank on November 16, 1914 in order to meet the reserve requirements of the Federal Reserve Act . In 1924, the San Francisco employees moved from their temporary locations to the bank's newly constructed headquarters at 400 Sansome Street, which they would occupy for the next 60 years. In 1983 the bank moved to 101 Market Street.
Previous presidents
Presidents since the bank was founded in 1914:
- Archibald Cains, 1914-1917
- James K. Lynch, 1917-1919
- John U. Calkins, 1919-1936
- William A. Day, 1936-1945
- Ira Clerk, 1946
- CE Earhart, 1946-1956
- HN Mangels, 1956-1961
- Eliot J. Swan, 1961-1972
- John J. Balles, 1972-1986
- Robert T. Parry, 1986-2004
- Janet L. Yellen , 2004-2010
- John C. Williams, 2011-2018
- Mary C. Daly, since 2018
Web links
Individual evidence
- ^ The Structure and Functions of the Federal Reserve System. Retrieved October 22, 2019 .
- ^ The Fed - Factors Affecting Reserve Balances - H.4.1 - Release Dates. Retrieved October 22, 2019 .
- ^ Presidents of the Federal Reserve Bank of San Francisco Timeline - FRASER | FRASER | St. Louis Fed. Retrieved October 22, 2019 .