Federal Reserve Bank of Richmond Baltimore Branch

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Federal Reserve Bank of Richmond Baltimore Branch Office

The Federal Reserve Bank of Richmond Baltimore Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond's Baltimore Branch is an operational and regional center for Maryland, the metropolitan Washington D.C. area, Northern Virginia, and northeastern West Virginia. The Baltimore branch is part of the Fifth District and has the code E5. It supports Check 21 operations, supplies coin and currency to financial institutions and works to maintain stability in the financial sector throughout the Fifth District and also works with local elected officials and non-profit organizations to support fair housing initiatives throughout the Fifth District.[1] The Baltimore branch was founded in March 1918[2] and is currently headed by William R. Roberts.[3]

Federal Reserve Bank of Richmond District

Each branch of the Federal Reserve Banks has a board of either seven or five directors, a majority of whom are appointed by the parent Federal Reserve Bank; the others are appointed by the Board of Governors. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that Branch in a manner prescribed by the parent Federal Reserve Bank.[4] The Baltimore branch currently allows private and educational tours of up to thirty people with reservations.[2][5] Cell phones and cameras are not permitted inside the building.[1] The Federal Reserve Bank of Richmond Baltimore Branch Office sponsors the annual Fed Challenge to encourage better understanding of the nation's central bank and the forces influencing economic conditions in the United States and abroad.[6] In 1997, the Federal Reserve Bank of Richmond- Baltimore Branch won the silver U.S. Senate Productivity and Maryland Quality Award.[7] In 2008, Dorothy Voorhees received the Federal Reserve Bank of Richmond Baltimore Branch 2008 Excellence Award for outstanding achievement in the study of economics.[8]

News[edit]

On April 18, 2009, the Baltimore branch office of the Federal Reserve Bank of Richmond will no longer process checks, and banks currently served by that office will be reassigned to the head office of the Federal Reserve Bank of Philadelphia.[9][10][11][12] See Federal Register-Vol74No33.pdf which documents the change.

Historic building[edit]

Federal Reserve Bank of Richmond, Baltimore Branch
Federal Reserve Bank of Richmond Baltimore Branch is located in Maryland
Federal Reserve Bank of Richmond Baltimore Branch
Location 114 E. Lexington St., Baltimore, Maryland
Coordinates 39°17′28″N 76°36′47″W / 39.29111°N 76.61306°W / 39.29111; -76.61306Coordinates: 39°17′28″N 76°36′47″W / 39.29111°N 76.61306°W / 39.29111; -76.61306
Built 1926
Architect Taylor & Fisher
Architectural style Late 19th And 20th Century Revivals, 2nd Renaissance Revival
Governing body Private
NRHP Reference # 83002933[13]
Added to NRHP January 27, 1983

The Baltimore Federal Reserve Branch Bank is a historic bank and office building located at Baltimore, Maryland, United States. It is a masonry and steel, ten story building and five bays wide on each elevation, designed in 1926 in the Second Renaissance Revival Style. The exterior features rusticated limestone facing, with carvings and enormous arched windows on the first floor. The interior features an enormous main banking room with floors, teller stations, and Corinthian columns all of polished marble. It was expanded in 1956.[14] The Federal Reserve Bank of Richmond, Baltimore Branch was listed on the National Register of Historic Places in 1983.[13] It is included within the Baltimore National Heritage Area[15]

Employment[edit]

Employees of the Federal Reserve Bank of Richmond Baltimore Branch Office are not government employees. Instead, they are paid as part of the expenses of their employing Reserve Bank.[2] This means that they are not eligible for federal employee benefits which include healthcare, additional legal rights, and a government pension. The Federal Reserve Bank of Richmond, Baltimore Branch has a 2009 Spring Student Internship Paid Position available to junior and senior college students. Students must be able to work between 16–24 hours per week and the starting salary begins at $18.98 per hour. The students are required to relocate to Baltimore, Maryland as part of their internship.[16]

Current Board of Directors[edit]

The following people are on the board of directors as of 2013:[17]

Appointed by the Federal Reserve Bank[edit]

Appointed by the Federal Reserve Bank
Name Title Term Expires
William B. Grant Chairman and Chief Executive Officer
First United Corp. and First United Bank & Trust
Oakland, Maryland
2013
Richard Bernstein President and Chief Executive Officer
LWRC International, LLC
Cambridge, Maryland
2014
Anita G. Newcomb President and Managing Director
A. G. Newcomb & Co.
Columbia, Maryland
2015
Christopher J. Estes President and Chief Executive Officer
National Housing Conference
Washington, D.C.
2015

Appointed by the Board of Governors[edit]

Appointed by the Board of Governors
Name Title Term Expires
Samuel L. Ross, M.D. Chief Executive Officer
Bon Secours Baltimore Health System
Baltimore, Maryland
2013
Jenny G. Morgan

(Chair)

President
basys, inc.
Linthicum, Maryland
2014
Stephen R. Sleigh Fund Director
IAM National Pension Fund
Washington, D.C.
2015

Conferences[edit]

  • "Understanding New Markets Tax Credits," Wall Street Without Walls Training Workshop at the Federal Reserve Bank of Richmond, Baltimore Branch, Baltimore, Maryland, July 22, 2003.[18]
  • "Transitional Employment Models," The Enterprise Foundation Ready, Work, Grow National Workforce Conference, Baltimore, Maryland, April 2003.[18]

Documents[edit]

  • Federal Register-Vol74No33.pdf, which documents the check processing change.

See also[edit]

References[edit]

  1. ^ a b "Locations>Baltimore Office". The Federal Reserve. Federal Reserve Bank of Richmond. Retrieved 2009-02-19. 
  2. ^ a b c "Federal Reserve Banks FAQs". FAQ. ederal Reserve Bank of Richmond. Retrieved 2009-02-20. 
  3. ^ "Directors of Federal Reserve Banks and Branches". The Federal Reserve. The Federal Reserve Board. February 5, 2009. Retrieved 2009-02-19. 
  4. ^ "About the Directors of Federal Reserve Banks and Branches". The Federal Reserve Board. February 7, 2008. Retrieved 2009-02-20. 
  5. ^ "Education". Federal Reserve Bank of Richmond. Retrieved 2009-02-20. 
  6. ^ "Severn School Wins Baltimore's High School Fed Challenge 2007". Press Releases>Education. The Federal Reserve Bank of Richmond. March 8, 2007. Retrieved 2009-02-24. 
  7. ^ "1997 U.S. Senate Productivity and Maryland Quality Awards". MPEA: Awards. Maryland Technology Enterprise Institute (MTECH) A. James Clark School of Engineering Glenn L. Martin Institute of Technology University of Maryland, College Park, MD 20742. 2004. Retrieved 2009-02-20. [dead link]
  8. ^ "Dorothy Voorhees receives the Federal Reserve Bank 2008 Excellence Award". Department of Economics. Georgetown University Department of Economics Box 571036. 2008. Retrieved 2009-02-20. [dead link]
  9. ^ "(FED) Restructuring of check processing operations in the Third and Fifth Districts, Regulation CC". Federal Reserve (www.forexhound.com). 2009-02-17. Retrieved 2009-02-20. 
  10. ^ Jennifer J. Johnson (February 13, 2009). "Availability of Funds and Collection of Checks". FEDERAL RESERVE SYSTEM. Board of Governors of the Federal Reserve System. Retrieved 2009-02-20. 
  11. ^ "Availability of Funds and Collection of Checks". FEDERAL RESERVE SYSTEM. Justia.com. February 20, 2009. Retrieved 2009-02-20. 
  12. ^ "FEDERAL RESERVE SYSTEM 12 CFR Part 229 [Regulation CC; Docket No. R–1352] Availability of Funds and Collection of Checks". Federal Register/Rules and Regulations (United States Government Printing Office) 74 (33): 7785. February 20, 2009. 
  13. ^ a b "National Register Information System". National Register of Historic Places. National Park Service. 2008-04-15. 
  14. ^ "Maryland Historical Trust". Baltimore Branch of the Federal Reserve Bank of Richmond, Baltimore City. Maryland Historical Trust. 2008-11-21. 
  15. ^ "Baltimore National Heritage Area Map". City of Baltimore. Retrieved March 11, 2012. 
  16. ^ "2009 Spring Summer Federal Reserve Bank of Richmond". Federal Reserve Bank of Richmond. Retrieved 2009-02-20. 
  17. ^ "Directors of Federal Reserve Banks and Branches". The Federal Reserve. Dec 6, 2013. 
  18. ^ a b "Janet Thompson Jackson Publications Articles in Law Reviews and Other Scholarly Journals". Presentations. Washburn University School of Law 1700 SW College Ave. • Topeka, KS 66621. 2009. Retrieved 2009-02-21. 

Citations[edit]

External links[edit]