The Richmond Federal Reserve Bank has an art program because Nancy Hanks, chairman of the National Endowment for the Arts, persuaded Arthur Burns, then chairman of the Federal Reserve System, to adopt GSA guidelines for art acquisition for new buildings. The guidelines provided for 1 to 1-1/2 percent of the total construction cost to be available for the purchase of art. This guideline also has been applied for major building renovations, so art programs exist at most Federal Reserve Banks.

Reflecting the Federal Reserve System's support of the goals of the National Endowment for the Arts, the Richmond Fed provided for the acquisition of art when it began constructing its new headquarters building in 1975.

The art program was designed to serve two basic purposes: to provide enjoyment, education and a stimulating environment for employees and visitors and to give encouragement and support to the arts in the Fifth Federal Reserve District.

In 1976 with construction of a new building underway, an Art Committee, consisting of Bank employees, was appointed to acquire art for it. One of the Committee's first actions was to select an Advisory Panel composed of well-known collectors, museum directors and other respected professionals in the art field. Their assistance in recommending artists throughout the Fifth District proved invaluable. The primary goal in selecting works for the collection was high quality. Additionally, the works were meant to complement the architectural space while maintaining their integrity as art.

The collection is primarily regional, focusing on contemporary artists from the Fifth Federal Reserve District. For educational reasons, the Art Committee included some works-mostly prints-by internationally known artists who were not connected with the Fifth District. Also included were a few works by 19th century American artists.