Federal Reserve Bank of San Francisco facts for kids
Federal Reserve Seal
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Headquarters
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| Headquarters | 101 Market Street San Francisco, California, USA |
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| Established | May 18, 1914 |
| President | Mary C. Daly |
| Central bank of |
Twelfth District
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| Website | www.frbsf.org |
| The Federal Reserve Bank of San Francisco is one of 12 regional banks that make up the Federal Reserve System | |
The Federal Reserve Bank of San Francisco, also known as the San Francisco Fed, is a very important bank for the western part of the United States. It's one of 12 special banks that make up the Federal Reserve System. Think of the Federal Reserve as the central bank of the U.S. that helps keep the country's money system healthy.
The San Francisco Fed serves a huge area called the Twelfth District. This district includes nine western states: Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington. It also covers the Northern Mariana Islands, American Samoa, and Guam.
This district is the largest in the U.S. by size and population. It covers about 1.3 million square miles, which is 36% of the country's land! Around 60 million people live in this area. The San Francisco Fed is the second-largest Federal Reserve Bank based on the money it manages.
The San Francisco Fed helps handle a lot of money. For example, in 2004, it processed billions of paper money notes and over a billion checks! It also has a cool collection of U.S. paper money called the American Currency Exhibit, which you can visit.
Currently, Mary C. Daly is the President and CEO of the San Francisco Fed. She started this role in October 2018. Some famous people have led this bank before, like Janet Yellen, who later became the head of the entire Federal Reserve System!
Contents
What is the Federal Reserve?
The Federal Reserve System is like the central bank of the United States. It has a few main jobs. One big job is to keep prices stable, so your money buys about the same amount of things over time. Another job is to help the economy grow and create jobs. It also makes sure banks are safe and sound.
The Federal Reserve System has 12 regional banks, and the San Francisco Fed is one of them. These regional banks work together to carry out the Federal Reserve's goals across the country.
History of the San Francisco Fed
The San Francisco Federal Reserve Bank first opened its doors on November 16, 1914. It started in a rented space behind another bank. Its main purpose was to help put the new Federal Reserve Act into action. This act created the Federal Reserve System to make the country's financial system stronger.
In 1924, the bank moved into its own brand-new building at 400 Sansome Street. This building was its home for 60 years! Later, in 1983, the bank moved to an even bigger and more modern building at 101 Market Street, where it is today.
Buildings of the San Francisco Fed
The San Francisco Fed has had a few important buildings.
Old Headquarters Building
The old main building at 400 Sansome Street is quite famous. It was designed by George W. Kelham. The front of the building has tall, classic columns, while the upper parts show a newer style from the 1920s called Moderne. Inside, there are beautiful murals painted by Jules Guerin. This old building is now owned by private companies and is listed on the National Register of Historic Places.
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Current Headquarters Building
The bank's current home is at 101 Market Street. This building is larger and more modern, which was needed as the bank grew.
Other Important Buildings
The San Francisco Fed also has other important buildings in its district. For example, there's a branch building in Los Angeles that was built in 1929 and is also listed on the National Register of Historic Places. The Seattle branch also had its own special building from 1951 to 2008.
Branches of the San Francisco Fed
To serve its large district, the San Francisco Fed has several branch offices. These branches help the bank do its work in different parts of the western U.S. They include:
- Federal Reserve Bank of San Francisco, Los Angeles Branch
- Federal Reserve Bank of San Francisco, Phoenix Branch (which is a cash processing center)
- Federal Reserve Bank of San Francisco Portland Branch
- Federal Reserve Bank of San Francisco Salt Lake City Branch
- Federal Reserve Bank of San Francisco Seattle Branch
Images for kids
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Headquarters
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Federal Reserve Seal
See also
In Spanish: Banco de la Reserva Federal de San Francisco para niños
