Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico. The Bank has branches in Denver, Oklahoma City, and Omaha. The current president is Esther George.[1] The Fed in Kansas City is second only to the Federal Reserve Bank of San Francisco in size of geographic area served. Federal Reserve Notes issued by the bank are identified by "J" on the face of one and two dollar bills and the J10 on the face of other currency.
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[edit] Headquarters buildings
The first bank building was in the R.A. Long Building at 928 Grand which opened on November 16, 1914 until a new $4.3 million building could be built across the street at 925 Grand which formally opened in November 1921 in Downtown Kansas City. Shortly after it was established, the bank rented space to outside tenants.[2] President Harry S. Truman had his office in Room 1107 of the building from when he left the Presidency in 1953 until the Truman Library was completed in 1957.[3] In 2002, the bank announced plans to build a new facility at 1 Memorial Drive 20 blocks south at 29th and Main on 15.6 acres (63,000 m2) on a hilltop south of the Liberty Memorial. The historic 925 Grand Building was the oldest building of any Federal Reserve Bank operating at that time. It was sold to Townsend LLC in March 2005 and the Reserve leased back the structure until the new building opened.[4] Townsend LLC converted the building to mixed-use space including condominiums, office space, and a data center.[5] The new bank was dedicated in 2008 and has a 16-story office tower and 2-story operations center. It was designed by Henry N. Cobb of Pei Cobb Freed & Partners. The bank employs 925 people in Kansas City.[4]
[edit] Economic Symposium
Since 1978, the Kansas City Fed has held an annual Federal Reserve symposium in Jackson Hole, Wyoming. From 1978 to 1981 the symposia focused on agricultural economic issues. Since 1981 topics have been more broad and the symposia have gotten broader attention.[6] In 2003 and 2005, papers were presented at the symposium that were critical of the status quo, and predicted, for example, problems with the unseen risks of derivatives.[7] These ideas in these papers were rejected at the time, but later were seen as having predicted the financial crisis of 2007-2010.[8][9][10][11]
[edit] Branches
- Federal Reserve Bank of Kansas City Denver Branch
- Federal Reserve Bank of Kansas City Oklahoma City Branch
- Federal Reserve Bank of Kansas City Omaha Branch
[edit] The Money Museum
The Fed operates a museum at its new site, called The Money Museum. It offers visitors opportunities to learn about the functions Federal Reserve system and America's financial systems. Features of the museum include interactives exhibits, a visit to the automated, multi-story cash vault where millions of dollars are secured — one of the largest in the region, viewing of the Harry S. Truman Coin Collection, and an opportunity to lift a real gold bar. The museum is open weekdays for self-guided tours and for one-hour guided tours, except holidays.[12]
[edit] Popular culture
The heist in the 2008 movie Mad Money takes place at the bank.
[edit] Leaders of the bank
Leaders of the Kansas City Federal Reserve are:[13]
- Charles Manville Sawyer, Governor, 1914-1916
- Jo Zach Miller, Jr., Chairman, 1914-1916; Governor, 1916-1922
- Willis Joshua Bailey, Governor, 1922-1932
- George Henry Hamilton, Governor/President, 1932-1941
- Harold Gavin Leedy, President, 1941-1961
- George H. Clay, President, 1961-1976
- J. Roger Guffey, President, 1976-1991
- Thomas M. Hoenig, President, 1991-2011
- Esther George, President, 2011-present
[edit] Chairman
Following are chairmen of the board of directors of the Kansas City Federal Reserve since 1992.[14]
| Year | Chairman | Company | Residence |
|---|---|---|---|
| 2011 | Paul DeBruce | DeBruce Grain | Kansas City, Missouri |
| 2010 | Lu M. Córdova | Corlund Industries | Boulder, Colorado |
| 2009 | Lu M. Córdova | Corlund Industries | Boulder, Colorado |
| 2008 | Lu M. Córdova | Corlund Industries | Boulder, Colorado |
| 2007 | Robert A. Funk | Express Personnel Services | Oklahoma City, Oklahoma |
| 2006 | Robert A. Funk | Express Personnel Services | Oklahoma City, Oklahoma |
| 2005 | Robert A. Funk | Express Personnel Services | Oklahoma City, Oklahoma |
| 2004 | Richard H. Bard | International Surface Preparation Corporation | Golden, Colorado |
| 2003 | Richard H. Bard | International Surface Preparation Corporation | Golden, Colorado |
| 2002 | Terrence P. Dunn | J.E. Dunn Construction | Kansas City, Missouri |
| 2001 | Terrence P. Dunn | J.E. Dunn Construction | Kansas City, Missouri |
| 2000 | Jo Marie Dancik | Ernst & Young | Denver, Colorado |
| 1999 | Jo Marie Dancik | Ernst & Young | Denver, Colorado |
| 1998 | Jo Marie Dancik | Ernst & Young | Denver, Colorado |
| 1997 | A. Drue Jennings | Kansas City Power & Light Company | Kansas City, Missouri |
| 1996 | A. Drue Jennings | Kansas City Power & Light Company | Kansas City, Missouri |
| 1996 | Herman Cain | Godfather's Pizza | Omaha, Nebraska |
| 1995 | Herman Cain | Godfather's Pizza | Omaha, Nebraska |
| 1994 | Burton A. Dole, Jr. | Puritan-Bennett Corporation | Overland Park, Kansas |
| 1993 | Burton A. Dole, Jr. | Puritan-Bennett Corporation | Overland Park, Kansas |
| 1992 | Burton A. Dole, Jr. | Puritan-Bennett Corporation | Overland Park, Kansas |
[edit] Current Board of Directors
The following people are on the board of directors as of 2011:[15]
| Class | Name | Company | Residence | Term Expires Dec 31 | Notes |
|---|---|---|---|---|---|
| A | John A. Ikard | FirstBank Holding Company | Lakewood, Colorado | 2011 | |
| A | David W. Brownback | Citizens State Bank & Trust Company | Ellsworth, Kansas | 2012 | |
| A | Max T. Wake | Jones National Bank & Trust Co. | Seward, Nebraska | 2013 | |
| B | Richard K. Ratcliffe | Ratcliffe\'s Inc. | Weatherford, Oklahoma | 2011 | |
| B | John T. Stout, Jr. | Plaza Belmont Management Group LLC | Shawnee Mission, Kansas | 2012 | |
| B | Mark Gordon | Merlin Ranch | Buffalo, Wyoming | 2013 | |
| C | Lu M. Córdova | Corlund Industries/Almacen Storage Group | Boulder, Colorado | 2011 | Deputy Chairman |
| C | Paul DeBruce | DeBruce Grain | Kansas City, Missouri | 2012 | Chairman |
| C | Terry L. Moore | Omaha Federation of Labor, AFL-CIO | Omaha, Nebraska | 2013 |
According the Kansas City's website the directors blended as follows:[16]
Class A - Three Class A directors represent commercial banks that are members of the Federal Reserve System. These directors are bankers who are nominated and elected by member banks within the Tenth Federal Reserve District, which includes western Missouri, Nebraska, Kansas, Oklahoma, Wyoming, Colorado and northern New Mexico. Under the Class A category, a director will be elected by a specific group of member banks classified as either 1, 2 or 3. This classification is based on the total amount of capital and surplus for each commercial bank, with Group 1 banks being the largest. Each group within the class elects one director.
Class B - Three Class B directors represent the public. Class B directors may not be an officer, director or employee of a bank or bank holding company. These directors are also elected by member banks under the same categories as Class A directors.
Class C - Three Class C directors also represent the public, but are appointed by the Board of Governors of the Federal Reserve System. This adds another layer to the blending of public and private control over the nation’s central bank. The Board of Governors also selects both the chairman and deputy chairman of each regional Federal Reserve Bank’s Board of Directors from among the Class C directors. These directors are highly insulated from banking relationships. They may not be an officer, director or employee of a bank or bank holding company. Additionally, these directors may not own stock in a bank or a bank holding company.
[edit] See also
- Federal Reserve Act
- Federal Reserve System
- Federal Reserve Bank
- Federal Reserve Districts
- Federal Reserve Branches
- Federal Reserve Bank of Kansas City Denver Branch
- Federal Reserve Bank of Kansas City Oklahoma City Branch
- Federal Reserve Bank of Kansas City Omaha Branch
- Structure of the Federal Reserve System
[edit] References
- ^ "ESTHER GEORGE NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE FEDERAL RESERVE BANK OF KANSAS CITY". 2011-09-15. http://www.kc.frb.org/publicat/newsroom/2011pdf/press.release.09.15.11.pdf. Retrieved 10/03/2011.
- ^ -Timeline - Official Federal Reserve Bank of Kansas City Website[dead link]
- ^ "Truman Places: Federal Reserve Bank - Trumanlibrary.org - Retrieved January 5, 2008". Trumanlibrary.org. http://www.trumanlibrary.org/places/kc10a.htm. Retrieved 2011-11-16.
- ^ a b Federal Reserve Bank of Kansas City Announces Sale of Headquarters Building - March 15, 2005 - Official Press Release[dead link]
- ^ "Townsend Company". Townsendco.com. http://www.townsendco.com/. Retrieved 2011-11-16.
- ^ "Jackson Hole Symposium - kc.frb.org - Retrieved August 22, 2009". kc.frb.org. http://www.kc.frb.org/home/subwebnav.cfm?level=3&theID=10979&SubWeb=10660. Retrieved 2011-11-16.
- ^ Why Jackson Hole is The Financial Meeting of 2011 , ForexNewsNow, 2011.
- ^ Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party , Justin Lahart, Wall Street Journal, 2009 1 2. Accessed 2010 4 18. As mentioned in Econned by Yves Smith.
- ^ Ignoring the Oracles: You Are With the Free Markets, or Against Them, Justin Lahart, Wall Street Journal blog, 2009 1 1, accessed 2010 4 18. as mentioned in Econned by Yves Smith
- ^ The Man Nobody Wanted to Hear, By Beat Balzli and Michaela Schiessl, 07/08/2009, Spiegel Online International
- ^ You can find the specific 'warning' papers here: White & Borio (2003) and Rajan (2005), both linked at the Federal Reserve Bank of Kansas City's website, accessed 2010 4 18
- ^ Federal Reserve Bank of Kansas City, The Money Museum, downloaded 25 July 2008.
- ^ http://www.frbkc.org/publicat/confidencerestored/confidencerestored.pdf
- ^ http://www.kc.frb.org/aboutus/leadership/kansascity-alumni-directors.cfm
- ^ "Directors of Federal Reserve Banks and Branches". The Federal Reserve. May 24, 2011. http://www.federalreserve.gov/generalinfo/listdirectors/default.cfm.
- ^ http://www.kansascityfed.org/aboutus/leadership/board-of-directors-classes.cfm
[edit] External links
- Kansas City Fed home page
- The old main office building is at coordinates 39°06′12″N 94°34′51″W / 39.103429°N 94.580929°W
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Coordinates: 39°04′30″N 94°35′07″W / 39.074879°N 94.585293°W
