Federal Reserve Bank of Kansas City

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1 Memorial Drive, designed by Henry N. Cobb, dedicated 2008.
Kansas City "J" insignia on front of the one dollar bill.
Map of the Tenth District

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.

Headquarters buildings[edit]

The first bank building was 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]

Economic policy symposium[edit]

Since 1978, the Kansas City Fed has held an annual economic policy symposium. From 1978 to 1981 it was held at different locations, and from 1982 it has been held in Jackson Hole, Wyoming.[6] 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.[7] 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. 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]

Branches[edit]

The Money Museum[edit]

$10 1915 Kansas City District Federal Reserve Bank Note.

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]

Popular culture[edit]

The heist in the 2008 movie Mad Money takes place at a fictitious version of the bank.

Leaders of the bank[edit]

Leaders of the Kansas City Federal Reserve are:[13]

Chairman[edit]

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

Current Board of Directors[edit]

The following people are on the board of directors as of 2013:[15]

Class Name Company Residence Term Expires Dec 31 Notes
A Max T. Wake Jones National Bank & Trust Co. Seward, Nebraska 2013
A Vacancy 2014
A David W. Brownback Citizens State Bank & Trust Company Ellsworth, Kansas 2015
B Vacancy 2013
B Richard K. Ratcliffe Ratcliffe's Inc. Weatherford, Oklahoma 2014
B John T. Stout, Jr. Plaza Belmont Management Group LLC Shawnee Mission, Kansas 2015
C Rose Washington OTulsa Economic Development Corporation Tulsa, Oklahoma 2013
C Barbara Mowry GoreCreek Advisors Greenwood Village, Colorado 2014 Chairman
C Steve Maestas NAI Maestas and Ward Albuquerque, New Mexico 2015 Deputy Chairman

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.

See also[edit]

References[edit]

  1. ^ "ESTHER GEORGE NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE FEDERAL RESERVE BANK OF KANSAS CITY". 2011-09-15. Retrieved 10/03/2011. 
  2. ^ -Timeline - Official Federal Reserve Bank of Kansas City Website[dead link]
  3. ^ "Truman Places: Federal Reserve Bank - Trumanlibrary.org - Retrieved January 5, 2008". Trumanlibrary.org. Retrieved 2011-11-16. 
  4. ^ a b Federal Reserve Bank of Kansas City Announces Sale of Headquarters Building - March 15, 2005 - Official Press Release[dead link]
  5. ^ "Townsend Company". Townsendco.com. Retrieved 2011-11-16. 
  6. ^ Wiseman, Paul (30 August 2012). "Why world markets focus on tiny Jackson Hole, Wyo.". USA Today. Retrieved 23 March 2013. 
  7. ^ "Jackson Hole Symposium - kc.frb.org - Retrieved August 22, 2009". kc.frb.org. Retrieved 2011-11-16. 
  8. ^ 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.
  9. ^ 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
  10. ^ The Man Nobody Wanted to Hear, By Beat Balzli and Michaela Schiessl, 07/08/2009, Spiegel Online International
  11. ^ You can find the specific 'warning' papers here: Borio & White (2003) and Rajan (2005), both linked at the Federal Reserve Bank of Kansas City's website, accessed 2013 11 03
  12. ^ Federal Reserve Bank of Kansas City, The Money Museum, downloaded 25 July 2008.
  13. ^ http://www.frbkc.org/publicat/confidencerestored/confidencerestored.pdf
  14. ^ http://www.kc.frb.org/aboutus/leadership/kansascity-alumni-directors.cfm
  15. ^ "Directors of Federal Reserve Banks and Branches". The Federal Reserve. Dec 8, 2013. 
  16. ^ http://www.kansascityfed.org/aboutus/leadership/board-of-directors-classes.cfm

External links[edit]

Coordinates: 39°04′30″N 94°35′07″W / 39.074879°N 94.585293°W / 39.074879; -94.585293