View source for Federal Reserve Bank of San Francisco

{{Organization
|OrganizationName=Federal Reserve Board of Governors
|OrganizationType=Independent Agencies
|Mission=The Board of Governors leads the Federal Reserve System, setting monetary policy, supervising and regulating banks, and maintaining the stability of the financial system. Its mission is to foster maximum employment, stable prices, and moderate long-term interest rates.
|ParentOrganization=Federal Reserve System
|CreationLegislation=Federal Reserve Act of 1913
|Employees=3000
|Budget=Self-funded through assessments on Federal Reserve Banks; operating expenses in 2023 were about $8.0 billion for the entire system
|OrganizationExecutive=Chair of the Board of Governors
|Services=Monetary policy formulation; Bank supervision; Financial stability oversight; Economic research
|Regulations=Federal Reserve Act; Bank Holding Company Act; Dodd-Frank Wall Street Reform and Consumer Protection Act; among others
|HeadquartersLocation=37.78518, -122.40686
|HeadquartersAddress=101 Market St, San Francisco, CA 94105
|Website=https://www.federalreserve.gov
}}
{{Short description|Member Bank of Federal Reserve}}

The '''Federal Reserve Bank of San Francisco''' (informally referred to as the '''San Francisco Fed''') is the [[Federal Reserve|federal bank]] for the twelfth district in the [[United States]]. The twelfth district is made up of nine western [[U.S. state|states]]—[[Alaska]], [[Arizona]], [[California]], [[Hawaii]], [[Idaho]], [[Nevada]], [[Oregon]], [[Utah]], and [[Washington (state)|Washington]]—plus the [[Northern Mariana Islands]], [[American Samoa]], and [[Guam]]. The San Francisco Fed has branch offices in Los Angeles, Portland, Salt Lake City, and [[Seattle]]. It also has a cash processing center in [[Phoenix, Arizona|Phoenix]].

The twelfth district is the nation's largest by area and population, covering {{convert|1.3|e6sqmi|e6km2|abbr=unit}}, or 36% of the nation's area, and 60 million people. The Federal Reserve Bank of San Francisco is the second-largest by assets held, after [[Federal Reserve Bank of New York|New York]].<ref>[http://www.federalreserve.gov/releases/h41/ Release Dates]</ref> In 2004 the San Francisco Fed processed 20.8 billion [[currency]] notes and 1.5 billion commercial checks.{{Citation needed|date=November 2017}}

The Federal Reserve Bank in San Francisco has one of the largest collections of US paper money in the United States, which is displayed in the American Currency Exhibit.{{Citation needed|date=November 2017}}

Mary C. Daly serves as the President and CEO as of October 1, 2018.<ref>{{Cite web|url=https://www.frbsf.org/our-district/leadership/office-of-the-president/|title=Office of the President|website=Federal Reserve Bank of San Francisco|language=en|access-date=2020-02-29}}</ref>  Notable former Presidents include John C. Williams (2011-2018), who now holds the same role at the [[Federal Reserve Bank of New York]]<ref>{{Cite web|url=https://www.newyorkfed.org/aboutthefed/orgchart/williams|title=Office of the President - FEDERAL RESERVE BANK of NEW YORK|website=www.newyorkfed.org|access-date=2020-02-29}}</ref> and is Vice Chairman of the [[Federal Open Market Committee]],<ref>{{Cite web|url=https://www.federalreserve.gov/monetarypolicy/fomc.htm|title=The Fed - Federal Open Market Committee|website=Board of Governors of the Federal Reserve System|language=en|access-date=2020-02-29}}</ref> as well as Janet Yellen (2004-2010), who held the role of [[Chair of the Federal Reserve|Chair of the Board of Governors]] from 2014-2018.<ref>{{Cite web|url=https://www.federalreservehistory.org/people/janet_l_yellen|title=Janet L. Yellen {{!}} Federal Reserve History|website=www.federalreservehistory.org|access-date=2020-02-29}}</ref>

==History==
The San Francisco Federal Reserve Bank opened for business in rented quarters at the rear of the Merchants National Bank on November 16, 1914, in order to make the reserve provisions of the [[Federal Reserve Act]]. In 1924, the San Francisco staff moved out of temporary locations and into the Bank's newly built headquarters at 400 Sansome Street, a location that it would occupy for the next 60 years. In 1983, the bank relocated to 101 Market Street.
[[Image:San Francisco Fed map.png|thumb|right|Map of the Twelfth District]]

===Branches===
After the bank's creation, a number of branches were opened to provide services across the district.<ref name="1925 report">{{cite report |author=Federal Reserve Board |date=June 1925 |title=Branches and Agencies of Federal Reserve Banks |url=https://fraser.stlouisfed.org/files/docs/publications/frbranches/frbranches_1925.pdf |page=1 |access-date=June 30, 2024}}</ref>
* Spokane branch (opened July 26, 1917; closed 1938)<ref name="1925 report" /><ref>{{cite news |last=Kershner |first=Jim |date=April 29, 2017 |title=100 years ago today in Spokane: Financial leaders gush abut Federal Reserve branch for Spokane |url=https://www.spokesman.com/stories/2017/apr/29/100-years-ago-today-in-spokane-financial-leaders-g/ |work=The Spokesman-Review |location=Spokane, Washington |access-date=June 30, 2024}}</ref>
* [[Federal Reserve Bank of San Francisco Seattle Branch|Seattle branch]] (opened September 19, 1917)<ref name="1925 report" />
* [[Federal Reserve Bank of San Francisco Portland Branch|Portland branch]] (opened October 1, 1917; ceased cash operations 2005; currently a depot site)<ref name="1925 report" /><ref>{{cite web |url=https://www.frbsf.org/about-us/financial-services/12th-district-cash-operations/our-branches/our-branches-seattle/ |title=FRBSF: Our Branches, Seattle |author=<!--Not stated--> |date=<!--Not stated--> |website=frbsf.org |publisher=Federal Reserve Bank of San Francisco |access-date=June 30, 2024 |quote=The Portland Cash Operation closed in 2005 and was absorbed by the Seattle office. Portland is now a Depot site for the storage and transfer of cash, one of only ten in the Federal Reserve System.}}</ref>
* [[Federal Reserve Bank of San Francisco Salt Lake City Branch|Salt Lake City branch]] (opened April 1, 1918)<ref name="1925 report" /><ref>{{cite news |author=<!--not stated--> |date=April 1, 1918 |title=Salt Lake Branch Federal Reserve Bank Now Open |url=https://newspapers.lib.utah.edu/ark:/87278/s6xm39db/25105001 |work=[[Deseret News|Deseret Evening News]] |location=Salt Lake City |at=section 2; page 1 |access-date=June 30, 2024}}</ref>
* [[Federal Reserve Bank of San Francisco Los Angeles Branch|Los Angeles branch]] (opened January 2, 1920)<ref name="1925 report" /><ref>{{cite web |url=https://www.frbsf.org/research-and-insights/blog/sf-fed-blog/2020/01/13/los-angeles-branch-centennial/ |title=Commemorating 100 Years in Los Angeles |last1=Replogle |first1=Roger |last2=Alexander |first2=Jessica |date=January 13, 2020 |website=FRBSF: Blog |publisher=Federal Reserve Bank of San Francisco |access-date=June 30, 2024}}</ref>

Although not a stand-alone branch, the bank opened the Phoenix Cash Processing Center in 2001.<ref>{{cite news |author=Federal Reserve Bank of San Francisco  |date=September 13, 2021 |title=Federal Reserve Bank of San Francisco |url=https://www.federalreservehistory.org/essays/san-francisco-fed |work=Federal Reserve History |access-date=June 30, 2024}}</ref>

==Buildings==
[[File:Federal Reserve Bank (San Francisco).JPG|thumb|The [[facade|façade]] of the [[Federal Reserve Bank of San Francisco Building (San Francisco, California)|old Federal Reserve Bank of San Francisco]] at 400 Sansome Street]]

[[File:San Francisco Fed 2.jpg|thumb|The current Fed building in front view.]]
The old [[Old Federal Reserve Bank Building (San Francisco)|headquarters building of the bank]], designed by [[George W. Kelham]], has an [[Ionic order|Ionic]] [[colonnade]] that is pure [[Beaux-Arts architecture|Beaux-Arts]], while the upper building is in the new [[Streamline Moderne|Moderne]] fashion of 1924. The lobby with murals by [[Jules Guerin]] who created the palette for the [[Panama-Pacific International Exposition (1915)|1915 Panama-Pacific International Exhibition]]. In 1983 the bank relocated to larger and more modern facilities on 101 Market Street as the 400 Sansome Street location was sold to private developers who rented out the space. Prominent law firm [[Orrick, Herrington & Sutcliffe|Orrick Herrington & Sutcliffe]] was headquartered in the building until 2002 when the firm moved out of the space. The building continues to be owned by private developers and current tenants include the [[Bar Association of San Francisco]].  It is listed on the [[National Register of Historic Places]] (NRHP).

The 1929 [[Federal Reserve Bank of San Francisco, Los Angeles Branch|Los Angeles branch building]] is also NRHP-listed.

From 1951 to 2008, the Seattle branch was headquartered at the [[Federal Reserve Bank Building (Seattle)|Federal Reserve Bank Building]] in [[Downtown Seattle]], which had been built in 1951 for the branch and is listed on the NRHP.<ref>{{cite web |last=Ott |first=Jennifer |date=September 20, 2008 |title=Federal Reserve Bank (Seattle) |url=http://www.historylink.org/index.cfm?DisplayPage=output.cfm&file_id=8785 |work=[[HistoryLink]] |access-date=July 24, 2016}}</ref>

==Board of directors==
The following people serve on the board of directors {{As of|2023|lc=yes}}:<ref name="board">{{cite web|url=https://www.frbsf.org/our-district/governance/boards-directors/san-francisco-board-directors|title=Federal Reserve Board - Federal Reserve Bank of San Francisco: San Francisco Board of Directors |access-date=March 10, 2023}}</ref>

===Class A===
{| class="wikitable sortable"
|+ Class A
! Name
! Title
! Term Expires
|-
!Clint E. Stein
|President and Chief Executive Officer <br>[[Columbia Banking System]]<br>Chief Executive Officer<br>[[Umpqua Bank]]<br>[[Tacoma, Washington]]
|2024
|-
!Simone Lagomarsino
|President and Chief Executive Officer, <br>[[Luther Burbank Savings and Luther Burbank Corporation]]<br>[[Santa Rosa, California]]
|2025
|-
!Laura Lee Stewart
|President and Chief Executive Officer <br>[[Sound Community Bank and Sound Financial Bancorporation]]<br>[[Seattle, Washington]]
|2026
|}

===Class B===

{| class="wikitable sortable"
|+ Class B
! Name
! Title
! Term Expires
|-
!Arthur F. Oppenheimer
|Chairman and Chief Executive Officer Oppenheimer Companies, Inc., and President<br>[[Oppenheimer Development Corporation]]<br>[[Boise, Idaho]]
|2024
|-
!Maritza Diaz
|Chief Executive Officer<br>[[iTjuana]]<br>[[San Diego, California]]
|2025
|-
!Karen Kimbrough
|Chief Economist<br>[[Linkedin]]<br>[[Sunnyvale, California]]
|2026
|}

===Class C===
{| class="wikitable sortable"
|+ Class C
! Name
! Title
! Term Expires
|-
!David P. White
(Chair)
|Chief Executive Officer<br>[[3CG Ventures]]<br> Former National Executive Director<br>[[SAG-AFTRA|Screen Actors Guild]] (SAG-AFTRA)<br>[[Los Angeles, California]]
|2024
|-
!Mario Cordero
|Executive Director<br>[[Port of Long Beach]]<br>[[Long Beach, California]]
|2025
|-
!Russell A. (Chip) Childs
(Deputy Chair)
|Chief Executive Officer and President<br>[[SkyWest, Inc.]]<br>[[St. George, Utah]]
|2026
|}

==Governors and presidents==
The position was installed under the title of “Governor” until the [[Banking Act of 1935]] abolished the dual role of governor and agent and created a single leadership role – president.

{| class="wikitable" style="text-align:center"
|-
! #
! CEO
! Life span
! Term start
! Term end
! Tenure length
! Ref
|-
| colspan="17" align="center" style="background: #000000" |'''<span style="color:white">Governors</span>'''
|-
| 1
| Archibald C. Kains
| 1865–1944
| November 25, 1914
| July 5, 1917
|{{age in years and days|1914|11|25|1917|7|5}}
|align="center"|<ref>{{cite web|title=Archibald C. Kains|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/archibald-c-kains}}</ref>
|-
| 2
|bgcolor="#ddffdd"| James K. Lynch*
| 1857–1919	
| August 7, 1917
| April 26, 1919
|{{age in years and days|1917|8|7|1919|4|26}}
|align="center"|<ref>{{cite web|title=James K. Lynch|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/james-k-lynch}}</ref>
|-
| 3
| John U. Calkins
| 1863–1954
| May 6, 1919
| February 29, 1936
|{{age in years and days|1919|5|6|1936|2|29}}
|align="center"|<ref>{{cite web|title=John U. Calkins|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/john-u-calkins}}</ref>
|-
| colspan="17" align="center" style="background: #4169E1" |'''<span style="color:white">Presidents</span>'''
|-
| 4
| William A. Day
| 1876–1951
| April 1, 1936
| December 31, 1945
|{{age in years and days|1936|4|1|1945|12|31}}
|align="center"|<ref>{{cite web|title=William A. Day|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/william-a-day}}</ref>
|-
| 5
|bgcolor="#ddffdd"| Ira Clerk*
| 1885–1946
| January 1, 1946
| September 28, 1946
|{{age in years and days|1946|1|1|1946|9|28}}
|align="center"|<ref>{{cite web|title=Ira Clerk|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/ira-clerk}}</ref>
|-
| 6
| C. E. Earhart
| 1890–1982
| October 17, 1946
| February 28, 1956
|{{age in years and days|1946|10|17|1956|2|28}}
|align="center"|<ref>{{cite web|title=C. E. Earhart|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/c-e-earhart}}</ref>
|-
| 7
| Hermann N. Mangels
| 1897–1961
| March 1, 1956
| February 28, 1961
|{{age in years and days|1956|3|1|1961|2|28}}
|align="center"|<ref>{{cite web|title=Hermann N. Mangels|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/hermann-n-mangels}}</ref>
|-
| 8
| Eliot J. Swan
| 1911–1998
| March 1, 1961
| June 1, 1972
|{{age in years and days|1961|3|1|1972|3|31}}
|align="center"|<ref>{{cite web|title=Eliot J. Swan|publisher=Federal Reserve|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/eliot-j-swan}}</ref>
|-
| 9
|bgcolor=#FFE6BD| John J. Balles†
| 1921–2005
| September 25, 1972
| February 1, 1986
|{{age in years and days|1972|9|25|1986|2|1}}
|align="center"|<ref>{{cite web|title=John J. Balles|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/john-j-balles}}</ref>
|-
| 10
|bgcolor=#FFE6BD| Robert T. Parry†
| 1939-
| February 4, 1986
| June 1, 2004
|{{age in years and days|1986|2|4|2004|6|1}}
|align="center"|<ref>{{cite web|title=Robert T. Parry|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/robert-t-parry}}</ref>
|-
| 11
| [[Janet Yellen]]
| 1946–
| June 14, 2004
| October 4, 2010
|{{age in years and days|2004|6|14|2010|10|4}}
|align="center"|<ref>{{cite web|title=Janet L. Yellen|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/janet-l-yellen}}</ref>
|-
| 12
| [[John C. Williams (economist)|John C. Williams]]
| 1962–
| March 1, 2011
| June 17, 2018
|{{age in years and days|2011|3|1|2018|6|17}}
|align="center"|<ref>{{cite web|title=John C. Williams|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/john-c-williams}}</ref>
|-
| 13
| [[Mary C. Daly]]
| 1962-
| October 1, 2018
| ''Incumbent''
|{{age in years and days|2018|10|1}}
|align="center"|<ref>{{cite web|title=Mary C. Daly|publisher=Federal Reserve History|access-date=May 5, 2021|url=https://www.federalreservehistory.org/people/mary-c-daly}}</ref>
|-
|}

{| class="wikitable" 
|style="background-color:#FFE6BD"|†
|Stepped down due to reaching retirement age
|-
|style="background-color:#ddffdd"|*
|Died in office
|}

==See also==
{{Portal|San Francisco Bay Area|Banks}}
* [[Federal Reserve Act]]
* [[Federal Reserve System]]
* [[Federal Reserve Bank]]
* [[Federal Reserve Districts]]
* [[Federal Reserve Branches]]
* [[Federal Reserve Bank of San Francisco Building (San Francisco, California)]]
* [[Structure of the Federal Reserve System]]

==References==
{{Reflist}}

==External links==
*[http://www.frbsf.org Official FRBSF Site]
*[http://www.frbsf.org/currency/ FRBSF Currency Exhibit] {{Webarchive|url=https://web.archive.org/web/20060126085330/http://www.frbsf.org/currency/ |date=2006-01-26 }}
*[http://www.frbsf.org/federalreserve/visit/tours.html FRBSF Tour Info]
*[https://fraser.stlouisfed.org/author/522 Historical resources by and about the Federal Reserve Bank of San Francisco] including annual reports back to 1915
*[https://fraser.stlouisfed.org/series/3766 Public Statements of Past Presidents of the Federal Reserve Bank of San Francisco] on FRASER
*[http://www.frbsf.org/our-district/press/presidents-speeches/ Speeches of Presidents of the Federal Reserve Bank of San Francisco]
*The old main office building is at coordinates{{Coord|37.7943|N|122.4008|W|}}

{{San Francisco Attractions}}
{{Federal Reserve System}}
{{Federal Reserve Banks}}
{{National Register of Historic Places}}
{{Authority control}}

{{DEFAULTSORT:Federal Reserve Bank Of San Francisco}}
[[Category:Federal Reserve Banks|San Francisco]]
[[Category:Government buildings in San Francisco]]
[[Category:Streamline Moderne architecture in California]]
[[Category:Bank buildings on the National Register of Historic Places in California]]
[[Category:Economy of the Western United States]]
[[Category:National Register of Historic Places in San Francisco]]