Federal Reserve Bank of Kansas City
From Wikipedia, the free encyclopedia
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 Thomas M. Hoenig. 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] Background
Kansas City and St. Louis had a fierce rivalry over which city was to get a headquarters and it was to wind up with both cities getting one (Missouri is the only state to have multiple headquarters). Among the reasons noted for the award was that former Kansas City mayor James A. Reed, who was on the Senate Banking Committee, broke the deadlock to permit passage of the Federal Reserve Act.[1]
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 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]
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]
Since 1978, the Kansas City Fed has held an annual Federal Reserve symposium in Jackson Hole, Wyoming. From 1978 to 1981 the symposiums focused on agricultural economic issues. Since 1981 topics have been more broad and the symposiums have gotten broader attention.[5]
[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.[6]
[edit] Popular culture
The heist in the 2008 movie Mad Money takes place at the bank.
[edit] References
- ^ A Foregone Conclusion: The Founding of the Federal Reserve Bank of St. Louis by James Neal Primm - stlouisfed.org - Retrieved January 1, 2007.
- ^ -Timeline - Official Federal Reserve Bank of Kansas City Website
- ^ Truman Places: Federal Reserve Bank - Trumanlibrary.org - Retrieved January 5, 2008
- ^ a b Federal Reserve Bank of Kansas City Announces Sale of Headquarters Building - March 15, 2005 - Official Press Release
- ^ Jackson Hole Symposium - kc.frb.org - Retrieved August 22, 2009
- ^ Federal Reserve Bank of Kansas City, The Money Museum, downloaded 25 July 2008.
[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
