President Woodrow Wilson signed the Federal Reserve Act into law in 1913. But, before the new central bank could begin operations, the Reserve Bank Operating Committee, consisting of Treasury Secretary William McAdoo, Secretary of Agriculture David Houston and Comptroller of the Currency John Skelton Williams, had the task of building a working institution from the basic framework of the new law. By November 16, 1914, the 12 regional Reserve Banks were open for business.

The Federal Reserve sets the nation’s monetary policy, supervises and regulates banking institutions, maintains the stability of the financial system, and provides financial services to depository institutions, the U.S. government and foreign official institutions. To learn more about the Federal Reserve System, visit federalreserve.gov.

The Federal Reserve Bank of Richmond, as one of 12 independent regional Reserve Banks, serves the Fifth Federal Reserve District, including Virginia, Maryland, North Carolina, South Carolina, Washington, D.C., and most of West Virginia, with offices in Richmond, Baltimore and Charlotte.

Our economists analyze and collect data specific to the Fifth District and conduct research on a wide variety of economic issues. Read more on our Bank's views about key economic and financial issues. We supervise almost 400 financial institutions across our District and house the Currency Technology Office, which works with federal agencies to fight counterfeiting and maintain the integrity and quality of our nation's currency. The Fed Experience, our free interactive exhibit, helps educate students and visitors of all ages about the economy.

You can follow the Richmond Fed on Twitter or our YouTube channel. We've made it easy. You can also learn more about our Bank's nearly 100-year history.

Get Involved in the Fed's Centennial Commemoration

The Federal Reserve is compiling an inventory of historical Federal Reserve documents and items. If you have information or documents that you'd like to share, please tell us more.

Federal Reserve Centennial Advisory Council

Serving in an honorary advisory role for the Federal Reserve System’s centennial programs are former Federal Reserve Chairmen Paul A. Volcker and Alan Greenspan, along with other advisors representing a wide range of private and public sector organizations.

More About the Fed's Centennial Commemoration

For more information about the centennial commemoration and the inventory of historical collections, refer to the May 30, 2012, press release or these frequently asked questions (FAQs).