View source for Federal Reserve Bank of Kansas City

{{Organization
|OrganizationName=Federal Reserve Bank of Kansas City
|OrganizationType=Independent Agencies
|Mission=To foster the stability, integrity, and efficiency of the U.S. economy and financial system. The Kansas City Fed serves the Tenth Federal Reserve District by executing monetary policy, overseeing financial institutions, and providing payment services.
|ParentOrganization=Federal Reserve System
|CreationLegislation=Federal Reserve Act of 1913
|Employees=1100
|Budget=Not publicly specified (self-funding organization)
|OrganizationExecutive=President and CEO
|Services=Monetary policy execution; bank supervision; payment services; economic research;
|HeadquartersLocation=39.07519, -94.58621
|HeadquartersAddress=1 Memorial Drive, Kansas City, MO 64198
|Website=https://www.kansascityfed.org
}}
{{Short description|Member Bank of Federal Reserve}}

{{Infobox central bank
| name = Federal Reserve Bank of Kansas City
| image_1 = Seal of the United States Federal Reserve System.svg
| image_title_1 = Federal Reserve Seal
| image_2 = Federal Reserve KC.jpg
| image_title_2 = Headquarters
| headquarters = [[1 Memorial Drive]]<br />[[Kansas City, Missouri|Kansas City]], [[Missouri]], [[United States of America|US]]
| established = {{Start date and age|p=y|1914|5|18}}
| executive_title = President
| executive = [[Jeffrey Schmid]]
| bank_of = {{Collapsible list |title=Tenth District |{{flag|Colorado}} |{{flag|Kansas}} |{{flag|Nebraska}} |{{flag|Oklahoma}} |{{flag|Wyoming}}<br />Parts of: |{{flag|Missouri}} |{{flag|New Mexico}}
}}
| website = {{url|kansascityfed.org|Official website}}
| footnotes = The Federal Reserve Bank of Kansas City is one of 12 [[Federal Reserve Bank|regional banks]] that make up the [[Federal Reserve System]]
}}
The '''Federal Reserve Bank of Kansas City''' is located in [[Kansas City, Missouri]], and covers the 10th District of the [[Federal Reserve]], which includes [[Colorado]], [[Kansas]], [[Nebraska]], [[Oklahoma]], [[Wyoming]], and portions of western [[Missouri]] and northern [[New Mexico]]. It is second only to the [[Federal Reserve Bank of San Francisco]] in size of geographic area served. Missouri is the only state with two main Federal Reserve Banks; [[Federal Reserve Bank of St. Louis|the other is located in St. Louis]].

[[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==
[[Image:925 Grand-former Federal Reserve-KCMO.jpg|thumb|upright|right|[[925 Grand]], designed by [[Graham, Anderson, Probst & White]], 1921.]]
The bank first occupied the [[R.A. Long Building]] at 928 Grand in [[Downtown Kansas City]], which opened on November 16, 1914. It then moved across the street once a new $4.3 million building was constructed at [[925 Grand]], which formally opened in November 1921. Shortly after it was established, the bank rented space to outside tenants.<ref>[http://www.kc.frb.org/infofrkc/timeline.htm -Timeline - Official Federal Reserve Bank of Kansas City Website] {{webarchive |url=https://web.archive.org/web/20061210094325/http://www.kc.frb.org/infofrkc/timeline.htm |date=December 10, 2006 }}</ref>
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.<ref>{{cite web|url=http://www.trumanlibrary.org/places/kc10a.htm |title=Truman Places: Federal Reserve Bank - Trumanlibrary.org - Retrieved January 5, 2008 |publisher=TrumanLibrary.org |access-date=16 November 2011}}</ref>

In 2002, the bank announced plans to build a new facility at [[1 Memorial Drive]] 20 blocks south at 29th and Main on {{convert|15.6|acre|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 in spring 2008.<ref name="kansascityfed.org">[http://www.kansascityfed.org/Pubaffrs/PRESSREL/pr05-05.htm Federal Reserve Bank of Kansas City Announces Sale of Headquarters Building - March 15, 2005 - Official Press Release] {{webarchive |url=https://web.archive.org/web/20060930093514/http://www.kansascityfed.org/Pubaffrs/PRESSREL/pr05-05.htm |date=September 30, 2006 }}</ref><ref>{{Cite web|title=Frequently Asked Questions|url=https://www.kansascityfed.org/about-us/frequently-asked-questions/|access-date=2021-08-04|website=www.kansascityfed.org|language=en}}</ref> It was designed by [[Henry N. Cobb]] of [[Pei Cobb Freed & Partners]].

==Economic policy symposium==
{{main|Jackson Hole Economic Symposium}}

Since 1978,<ref>[http://www.kansascityfed.org/publications/research/escp/archive.cfm Economic Symposium Conference Proceedings | Federal Reserve Bank of Kansas City] {{webarchive|url=https://web.archive.org/web/20140929201047/http://kansascityfed.org/publications/research/escp/archive.cfm |date=2014-09-29 }}</ref><ref>{{Cite web |url=http://www.kc.frb.org/publications/research/escp/archive.cfm |title=Economic Symposium Conference Proceedings {{!}} Federal Reserve Bank of Kansas City |access-date=2014-08-24 |archive-url=https://web.archive.org/web/20140822190434/http://www.kc.frb.org/publications/research/escp/archive.cfm |archive-date=2014-08-22 }}</ref> the Kansas City Fed has held an annual economic policy symposium. From 1978&ndash;1981, it was held at different locations, and from 1982 it has been held in [[Jackson Hole]], Wyoming.<ref>{{cite web |url= http://usatoday30.usatoday.com/money/economy/fed/story/2012-08-30/federal-reserve-jackson-hole-history/57440674/1 |title=Why world markets focus on tiny Jackson Hole, Wyo. |first=Paul |last=Wiseman |date=30 August 2012 |work=USA Today |access-date=23 March 2013}}</ref> 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.<ref>{{cite web |url=http://www.kc.frb.org/home/subwebnav.cfm?level=3&theID=10979&SubWeb=10660 |title=Jackson Hole Symposium - kc.frb.org - Retrieved August 22, 2009 |publisher=kc.frb.org |access-date=2011-11-16 |archive-url=https://web.archive.org/web/20090801034445/http://www.kc.frb.org/home/subwebnav.cfm?level=3&theID=10979&SubWeb=10660 |archive-date=August 1, 2009 }}</ref>

In 2003 and 2005, papers were presented at the symposium that were critical of the status quo, and predicted 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 [[2007–2008 financial crisis]].<ref name=rajan-prescient>{{cite news|last=Lahart|first=Justin|title=Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party|url=https://www.wsj.com/articles/SB123086154114948151|access-date=18 April 2010|newspaper=The Wall Street Journal}}</ref><ref name=oracles>{{cite news|last=Lahart|first=Justin|title=Ignoring the Oracles: You Are With the Free Markets, or Against Them|url=https://blogs.wsj.com/economics/2009/01/01/ignoring-the-oracles/tab/article|access-date=18 April 2010|newspaper=The Wall Street Journal}}</ref><ref name="spiegel09">{{cite web|author1=Beat Balzli |author2=Michaela Schiessl|title=The Man Nobody Wanted to Hear|url=http://www.spiegel.de/international/business/0,1518,635051,00.html|date=8 July 2009|publisher=Spiegel Online International}}</ref><ref name=warning1>{{cite web |author1=Claudio Borio |author2= William R White |title=Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes |website=Federal Reserve Bank of Kansas City |url=http://www.kansascityfed.org/publicat/sympos/2003/pdf/Boriowhite2003.pdf|access-date=3 November 2013|archive-date=18 May 2013|archive-url=https://web.archive.org/web/20130518021723/https://www.kansascityfed.org/publicat/sympos/2003/pdf/Boriowhite2003.pdf}}</ref><ref name=warning2>{{cite web|author=Rajan|title=Rajan specific 'warning' papers here (2005)|url=http://www.kansascityfed.org/publicat/sympos/2005/pdf/Rajan2005.pdf|access-date=3 November 2013|archive-date=30 September 2013|archive-url=https://web.archive.org/web/20130930215918/http://www.kansascityfed.org/publicat/sympos/2005/pdf/Rajan2005.pdf}}</ref>

=== Jackson Hole Consensus ===
The 2014 edition of the symposium was widely anticipated.<ref>{{Cite news|url=https://www.economist.com/blogs/economist-explains/2014/08/economist-explains-12|title=How Jackson Hole became such an important economic talking shop|newspaper=The Economist|access-date=2017-06-11}}</ref> Featuring a speech by [[European Central Bank]] president [[Mario Draghi]],<ref>{{Cite web|url=https://www.ecb.europa.eu/press/key/date/2014/html/sp140822.en.html|title=Unemployment in the euro area|website=European Central Bank|date=22 August 2014 |language=en|access-date=2017-06-11}}</ref> it was depicted as the point of emergence of a new consensus in the economics doctrine and institutions,<ref>{{Cite news|url=https://www.washingtonpost.com/news/wonk/wp/2014/08/27/can-mario-draghi-save-the-euro-again/|title=Can Mario Draghi save the euro again?|newspaper=The Washington Post|access-date=2017-06-11}}</ref><ref>{{Cite web |url=https://www.ft.com/content/8e0d2126-f156-3d0a-9d97-0a47ac1124a9 |archive-url=https://ghostarchive.org/archive/20221211231227/https://www.ft.com/content/8e0d2126-f156-3d0a-9d97-0a47ac1124a9 |archive-date=2022-12-11 |url-access=subscription |url-status=live |title=Draghi steals the show at Jackson Hole |website=Financial Times |access-date=2017-06-11 }}</ref> stressing the importance of [[aggregate demand]], [[Procyclical and countercyclical#Countercyclical|countercyclical]] investments and [[fiscal policy]]<ref>{{Cite web|url=https://fsaraceno.wordpress.com/2014/10/06/the-lost-consistency-of-european-policy-makers/|title=The Lost Consistency of European Policy Makers|date=2014-10-06|website=Sparse Thoughts of a Gloomy European Economist|access-date=2017-06-11}}</ref> in opposition to the so-called [[austerity]] policies<ref>{{Cite news|url=https://www.wsj.com/articles/ecbs-draghi-signals-departure-from-austerity-focus-1408732207|title=ECB's Mario Draghi Signals Departure From Austerity Focus|last=Blackstone|first=Brian|date=2014-08-22|work=The Wall Street Journal|access-date=2017-06-11|language=en-US|issn=0099-9660}}</ref> of the [[Washington Consensus]] and [[Berlin View]]. This paved the way for [[quantitative easing]] to begin in 2015.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2016-08-25/a-look-back-at-jackson-hole|title=A Peek at More Than Three Decades of Jackson Hole Economic Gabfests|date=2016-08-25|work=Bloomberg.com|access-date=2017-06-11}}</ref>{{Clear}}

==The Money Museum==
[[File:US-$10-FRBN-1915-Fr.817.jpg|thumb|right|$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 of the Federal Reserve system and America's financial systems. Features of the museum include interactive 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.<ref>[http://www.kansascityfed.org/moneymuseum/includes/index.cfm Federal Reserve Bank of Kansas City, ''The Money Museum''] {{Webarchive|url=https://web.archive.org/web/20080824212642/http://www.kansascityfed.org/moneymuseum/includes/index.cfm |date=2008-08-24 }}, Uploaded 25 July 2008.</ref>
{{Clear}}

==Branches==
[[File:Kansas City Fed map.png|thumb|Map of the Tenth District]]
* [[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]]

==Leaders of the bank==
[[File:FRS KC cent grp 121613 0576 02833 (14080038122).jpg|thumb|Esther George and Thomas Hoenig]]

A list of leaders of the Kansas City Federal Reserve are listed below.<ref>{{Cite web |url=http://www.frbkc.org/publicat/confidencerestored/confidencerestored.pdf |title=Archived copy |access-date=2011-09-16 |archive-date=2012-04-02 |archive-url=https://web.archive.org/web/20120402044359/http://www.frbkc.org/publicat/confidencerestored/confidencerestored.pdf }}</ref>

*[[Charles Manville Sawyer]], Governor (1914–1916)
*[[Jo Zach Miller Jr.]], 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 (2011–2023)
*[[Kelly Dubbert]], Acting President (2023)
*[[Jeffrey Schmid]], President (2023–present)<ref>{{cite web |title=Kansas City Fed's new chief is a veteran banking executive |url=https://www.reuters.com/business/finance/kansas-city-fed-picks-veteran-banking-executive-new-president-2023-08-02/ |website=[[Reuters]] |access-date=3 August 2023}}</ref>

==Chairs==
Following are chairs of the board of directors of the Kansas City Federal Reserve since 1992.<ref>{{Cite web |url=http://www.kc.frb.org/aboutus/leadership/kansascity-alumni-directors.cfm |title=Kansas City Alumni Directors &#124; Federal Reserve Bank of Kansas City |access-date=2011-11-16 |archive-date=2011-10-27 |archive-url=https://web.archive.org/web/20111027184554/http://www.kc.frb.org/aboutus/leadership/kansascity-alumni-directors.cfm }}</ref>
{| class="wikitable sortable" font=70%"
!Year
!Chair
!Company
!Residence
|-
| 2023–present||Patrick A. Dujakovich||Greater Kansas City [[AFL-CIO]]||Kansas City, Missouri
|-
| 2017–2022||Rose M. Washington||[[Tulsa Economic Development Corporation]]||[[Tulsa, Oklahoma]]
|-
| 2015–2016||Steve Maestas||Maestas Development Group||[[Albuquerque, New Mexico]]
|-
| 2013–2014||Barbara Mowry||GoreCreek Advisors||[[Greenwood Village, Colorado]]
|-
| 2011–2012||Paul DeBruce||DeBruce Grain||Kansas City, Missouri
|-
| 2008–2010||Lu M. Córdova||Corlund Industries||[[Boulder, Colorado]]
|-
| 2005–2007||[[Robert A. Funk]]||[[Express Personnel Services]]||[[Oklahoma City, Oklahoma]]
|-
| 2003–2004||Richard H. Bard||International Surface Preparation Corporation||[[Golden, Colorado]]
|-
| 2001–2002||Terrence P. Dunn||J.E. Dunn Construction||Kansas City, Missouri
|-
| 1998–2000||Jo Marie Dancik||[[Ernst & Young]]||[[Denver, Colorado]]
|-
| 1996–1997||A. Drue Jennings||[[Kansas City Power & Light Company]]||Kansas City, Missouri
|-
| 1995–1996||[[Herman Cain]]||[[Godfather's Pizza]]||[[Omaha, Nebraska]]
|-
| 1992–1994||[[Burton A. Dole Jr.]]||[[Puritan-Bennett Corporation]]||[[Overland Park, Kansas]]
|}

==Board of directors==
The following people are on the board of directors {{As of|2023|lc=yes}}:<ref>{{cite web|url=http://www.federalreserve.gov/aboutthefed/directors/list-directors.htm |title=Directors of Federal Reserve Banks and Branches |date= 8 December 2013 |publisher=[[The Federal Reserve]]}}</ref>

{| class="wikitable sortable"
! Class
!Name
!Company
!Residence
!Term Expires Dec 31
!Notes
|-
| A||Patricia J. Minard||Emprise Bank||Wichita, Kansas||2023||
|-
| A||Kyle Heckman||Flatirons Bank||Boulder, Colorado||2024||
|-
| A||Alex Williams||Halstead Bank||[[Halstead, Kansas]]||2025||
|-
| B||Ruben Alonso III||AltCap||Kansas City, Missouri||2023||
|-
| B||Ramin Cherafat||McCownGordon Construction||Kansas City, Missouri||2024||
|-
| B||Paul Maass||[[Scoular]]||Omaha, Nebraska||2025||
|-
| C||María Griego-Raby||Contract Associates||Albuquerque, New Mexico||2023||Deputy Chair
|-
| C||Jandel Allen-Davis||[[Craig Hospital]]||Englewood, Colorado||2024||
|-
| C||Patrick A. Dujakovich||Greater Kansas City AFL-CIO||Kansas City, Missouri||2025||Chair
|}

According to the Kansas City's website the directors blended as follows:<ref>{{Cite web |url=http://www.kansascityfed.org/aboutus/leadership/board-of-directors-classes.cfm |title=Board of Directors &#124; Federal Reserve Bank of Kansas City |access-date=2011-11-16 |archive-date=2011-11-02 |archive-url=https://web.archive.org/web/20111102153944/http://www.kansascityfed.org/aboutus/leadership/board-of-directors-classes.cfm }}</ref>

'''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.

==Popular culture==
The heist in the 2008 movie ''[[Mad Money (film)|Mad Money]]'' takes place at a fictitious version of the bank.

==See also==
{{Portal|Banks}}
* [[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]]

==References==
{{Reflist|30em}}

==External links==
{{Commons category|Federal Reserve Bank of Kansas City}}
*[http://www.kansascityfed.org/ Kansas City Fed home page]
*[https://www.kansascityfed.org/moneymuseum Kansas City Money Museum]
*The old main office building is at coordinates {{coord|39.103429|-94.580929}}
{{Federal Reserve System}}
{{Federal Reserve Banks}}
{{Kansas City, Missouri}}

{{coord|39|4|33|N|94|35|9|W|region:US-MO_type:landmark|format=dms|display=title}}
{{Authority control}}

{{DEFAULTSORT:Federal Reserve Bank Of Kansas City}}
[[Category:Federal Reserve Bank of Kansas City| ]]
[[Category:Federal Reserve Banks|Kansas City]]
[[Category:Economy of Kansas City, Missouri]]
[[Category:Economy of the Western United States]]
[[Category:I. M. Pei buildings]]