100 Years of Central Banking
The Federal Reserve System was created on December 23, 1913.
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.
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.
As part of the nation's central bank, we're committed to strengthening the economy and our communities. Our employees share more about our business, our people and our communities in this video.
Twelve regional Banks located in major cities throughout the nation, which divide the nation into 12 districts, acting as fiscal agents for the U.S. Treasury.