The Richmond Fed was organized in May 1914, following the enactment of the Federal Reserve Act in December 1913 and after the completion of a process to select host cities for Reserve Banks.
The Richmond Fed was organized in May 1914, following the enactment of the Federal Reserve Act in December 1913 and after the completion of a process to select host cities for Reserve Banks. Richmond was one of 37 cities that sought to be a Fed location and supporters of the idea pointed to Richmond's geographic location, its importance as a commercial and financial center, its transportation and communications facilities, as well as Virginia's leading regional role in the banking business.
The Bank's headquarters has had three locations in downtown Richmond, starting in offices near the federal courts in 1914. A headquarters building was constructed on the city's historic Capitol Square and the Bank offices were moved there in 1921. The current headquarters building, overlooking the James River, opened in 1978. The Richmond Fed has had offices in Baltimore since 1918 and in Charlotte, N.C., since 1927. The Bank formerly had operations in Charleston, W.Va.; Columbia, S.C.; and Culpeper, Va.
Since its founding, the Richmond Fed has had seven chief executives, starting with George Seay, who led the effort to bring the Bank to Richmond and served as governor from 1914 until 1936. Following Seay, the presidents of the Richmond Fed were Hugh Leach, Edward A. Wayne, Aubrey N. Heflin, Robert P. Black and J. Alfred Broaddus Jr. The Bank's current president is Jeffrey M. Lacker, who was appointed in 2004.
The Federal Reserve System was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. By November 16, 1914, the 12 regional Reserve Banks, including Richmond, were open for business. Learn more about the Fed Centennial.