The first bank building was the R.A. Long Building at 928 Grand which opened on November 16, 1914 until a new $4.3 million building could be built across the street at 925 Grand which formally opened in November 1921 in Downtown Kansas City. Shortly after it was established, the bank rented space to outside tenants.[1] President Harry S. Truman had his office in Room 1107 of the building from when he left the Presidency in 1953 until the Truman Library was completed in 1957.[2]
In 2002, the bank announced plans to build a new facility at 1 Memorial Drive 20 blocks south at 29th and Main on 15.6 acres (63,000 m2) on a hilltop south of the Liberty Memorial. The historic 925 Grand Building was the oldest building of any Federal Reserve Bank operating at that time. It was sold to Townsend LLC in March 2005 and the Reserve leased back the structure until the new building opened in spring 2008.[3][4] It was designed by Henry N. Cobb of Pei Cobb Freed & Partners.
Since 1978,[5][6] the Kansas City Fed has held an annual economic policy symposium. From 1978–1981, it was held at different locations, and from 1982 it has been held in Jackson Hole, Wyoming.[7] From 1978 to 1981 the symposia focused on agricultural economic issues. Since 1981 topics have been more broad and the symposia have gotten broader attention.[8]
In 2003 and 2005, papers were presented at the symposium that were critical of the status quo, and predicted problems with the unseen risks of derivatives. These ideas in these papers were rejected at the time, but later were seen as having predicted the financial crisis of 2007-2010.[9][10][11][12][13]
The Fed operates a museum at its new site, called The Money Museum. It offers visitors opportunities to learn about the functions of the Federal Reserve system and America's financial systems. Features of the museum include interactive exhibits, a visit to the automated, multi-story cash vault where millions of dollars are secured — one of the largest in the region, viewing of the Harry S. Truman Coin Collection, and an opportunity to lift a real gold bar. The museum is open weekdays for self-guided tours and for one-hour guided tours, except holidays.[21]
According to the Kansas City's website the directors blended as follows:[26]
Class A - Three Class A directors represent commercial banks that are members of the Federal Reserve System. These directors are bankers who are nominated and elected by member banks within the Tenth Federal Reserve District, which includes western Missouri, Nebraska, Kansas, Oklahoma, Wyoming, Colorado and northern New Mexico. Under the Class A category, a director will be elected by a specific group of member banks classified as either 1, 2 or 3. This classification is based on the total amount of capital and surplus for each commercial bank, with Group 1 banks being the largest. Each group within the class elects one director.
Class B - Three Class B directors represent the public. Class B directors may not be an officer, director or employee of a bank or bank holding company. These directors are also elected by member banks under the same categories as Class A directors.
Class C - Three Class C directors also represent the public, but are appointed by the Board of Governors of the Federal Reserve System. This adds another layer to the blending of public and private control over the nation's central bank. The Board of Governors also selects both the chairman and deputy chairman of each regional Federal Reserve Bank's board of directors from among the Class C directors. These directors are highly insulated from banking relationships. They may not be an officer, director or employee of a bank or bank holding company. Additionally, these directors may not own stock in a bank or a bank holding company.
Popular cultureEdit
The heist in the 2008 movie Mad Money takes place at a fictitious version of the bank.
^-Timeline - Official Federal Reserve Bank of Kansas City Website December 10, 2006, at the Wayback Machine
^"Truman Places: Federal Reserve Bank - Trumanlibrary.org - Retrieved January 5, 2008". TrumanLibrary.org. Retrieved 16 November 2011.
^Federal Reserve Bank of Kansas City Announces Sale of Headquarters Building - March 15, 2005 - Official Press Release September 30, 2006, at the Wayback Machine
^Economic Symposium Conference Proceedings | Federal Reserve Bank of Kansas City 2014-09-29 at the Wayback Machine
^. Archived from the original on 2014-08-22. Retrieved 2014-08-24.
^Wiseman, Paul (30 August 2012). "Why world markets focus on tiny Jackson Hole, Wyo". USA Today. Retrieved 23 March 2013.
^. kc.frb.org. Archived from the original on August 1, 2009. Retrieved 2011-11-16.
^Lahart, Justin. "Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party". The Wall Street Journal. Retrieved 18 April 2010.
^Lahart, Justin. "Ignoring the Oracles: You Are With the Free Markets, or Against Them". The Wall Street Journal. Retrieved 18 April 2010.
^Beat Balzli; Michaela Schiessl (8 July 2009). "The Man Nobody Wanted to Hear". Spiegel Online International.
^Claudio Borio; William R White. (PDF). Federal Reserve Bank of Kansas City. Archived from the original (PDF) on 18 May 2013. Retrieved 3 November 2013.
^Rajan. (PDF). Archived from the original (PDF) on 30 September 2013. Retrieved 3 November 2013.
^"How Jackson Hole became such an important economic talking shop". The Economist. Retrieved 2017-06-11.
^"Unemployment in the euro area". European Central Bank. 22 August 2014. Retrieved 2017-06-11.
^"Can Mario Draghi save the euro again?". The Washington Post. Retrieved 2017-06-11.
^"Draghi steals the show at Jackson Hole". Financial Times. Archived from the original on 2022-12-11. Retrieved 2017-06-11.
^"The Lost Consistency of European Policy Makers". Sparse Thoughts of a Gloomy European Economist. 2014-10-06. Retrieved 2017-06-11.
^Blackstone, Brian (2014-08-22). "ECB's Mario Draghi Signals Departure From Austerity Focus". The Wall Street Journal. ISSN 0099-9660. Retrieved 2017-06-11.
^"A Peek at More Than Three Decades of Jackson Hole Economic Gabfests". Bloomberg.com. 2016-08-25. Retrieved 2017-06-11.
^Federal Reserve Bank of Kansas City, The Money Museum 2008-08-24 at the Wayback Machine, Uploaded 25 July 2008.
^(PDF). Archived from the original (PDF) on 2012-04-02. Retrieved 2011-09-16.{{cite web}}: CS1 maint: archived copy as title (link)
^"Kansas City Fed's new chief is a veteran banking executive". Reuters. Retrieved 3 August 2023.
^. Archived from the original on 2011-10-27. Retrieved 2011-11-16.
^"Directors of Federal Reserve Banks and Branches". The Federal Reserve. 8 December 2013.
^. Archived from the original on 2011-11-02. Retrieved 2011-11-16.
External linksEdit
Wikimedia Commons has media related to Federal Reserve Bank of Kansas City.
federal, reserve, bank, kansas, city, located, kansas, city, missouri, covers, 10th, district, federal, reserve, which, includes, colorado, kansas, nebraska, oklahoma, wyoming, portions, western, missouri, northern, mexico, second, only, federal, reserve, bank. The Federal Reserve Bank of Kansas City is located in Kansas City Missouri and covers the 10th District of the Federal Reserve which includes Colorado Kansas Nebraska Oklahoma Wyoming and portions of western Missouri and northern New Mexico It is second only to the Federal Reserve Bank of San Francisco in size of geographic area served Missouri is the only state with two main Federal Reserve Banks the other is located in St Louis Federal Reserve Bank of Kansas CityFederal Reserve Seal HeadquartersHeadquarters1 Memorial DriveKansas City Missouri USEstablishedMay 18 1914 109 years ago 1914 05 18 PresidentJeffrey SchmidCentral bank ofTenth District Colorado Kansas Nebraska Oklahoma WyomingParts of Missouri New MexicoWebsiteOfficial websiteThe Federal Reserve Bank of Kansas City is one of 12 regional banks that make up the Federal Reserve SystemFederal Reserve Notes issued by the bank are identified by J on the face of one and two dollar bills and the J10 on the face of other currency Contents 1 Headquarters buildings 2 Economic policy symposium 2 1 Jackson Hole Consensus 3 The Money Museum 4 Branches 5 Leaders of the bank 6 Chairs 7 Board of directors 8 Popular culture 9 See also 10 References 11 External linksHeadquarters buildings Edit nbsp 925 Grand designed by Graham Anderson Probst amp White 1921 The first bank building was the R A Long Building at 928 Grand which opened on November 16 1914 until a new 4 3 million building could be built across the street at 925 Grand which formally opened in November 1921 in Downtown Kansas City Shortly after it was established the bank rented space to outside tenants 1 President Harry S Truman had his office in Room 1107 of the building from when he left the Presidency in 1953 until the Truman Library was completed in 1957 2 In 2002 the bank announced plans to build a new facility at 1 Memorial Drive 20 blocks south at 29th and Main on 15 6 acres 63 000 m2 on a hilltop south of the Liberty Memorial The historic 925 Grand Building was the oldest building of any Federal Reserve Bank operating at that time It was sold to Townsend LLC in March 2005 and the Reserve leased back the structure until the new building opened in spring 2008 3 4 It was designed by Henry N Cobb of Pei Cobb Freed amp Partners Economic policy symposium EditMain article Jackson Hole Economic Symposium Since 1978 5 6 the Kansas City Fed has held an annual economic policy symposium From 1978 1981 it was held at different locations and from 1982 it has been held in Jackson Hole Wyoming 7 From 1978 to 1981 the symposia focused on agricultural economic issues Since 1981 topics have been more broad and the symposia have gotten broader attention 8 In 2003 and 2005 papers were presented at the symposium that were critical of the status quo and predicted problems with the unseen risks of derivatives These ideas in these papers were rejected at the time but later were seen as having predicted the financial crisis of 2007 2010 9 10 11 12 13 Jackson Hole Consensus EditThe 2014 edition of the symposium was widely anticipated 14 Featuring a speech by European Central Bank president Mario Draghi 15 it was depicted as the point of emergence of a new consensus in the economics doctrine and institutions 16 17 stressing the importance of aggregate demand countercyclical investments and fiscal policy 18 in opposition to the so called austerity policies 19 of the Washington Consensus and Berlin View This paved the way for quantitative easing to begin in 2015 20 The Money Museum Edit nbsp 10 1915 Kansas City District Federal Reserve Bank Note The Fed operates a museum at its new site called The Money Museum It offers visitors opportunities to learn about the functions of the Federal Reserve system and America s financial systems Features of the museum include interactive exhibits a visit to the automated multi story cash vault where millions of dollars are secured one of the largest in the region viewing of the Harry S Truman Coin Collection and an opportunity to lift a real gold bar The museum is open weekdays for self guided tours and for one hour guided tours except holidays 21 Branches Edit nbsp Map of the Tenth DistrictFederal Reserve Bank of Kansas City Denver Branch Federal Reserve Bank of Kansas City Oklahoma City Branch Federal Reserve Bank of Kansas City Omaha BranchLeaders of the bank Edit nbsp Esther George and Thomas HoenigA list of leaders of the Kansas City Federal Reserve are listed below 22 Charles Manville Sawyer Governor 1914 1916 Jo Zach Miller Jr Governor 1916 1922 Willis Joshua Bailey Governor 1922 1932 George Henry Hamilton Governor President 1932 1941 Harold Gavin Leedy President 1941 1961 George H Clay President 1961 1976 J Roger Guffey President 1976 1991 Thomas M Hoenig President 1991 2011 Esther George President 2011 2023 Kelly Dubbert Acting President 2023 Jeffrey Schmid President 2023 present 23 Chairs EditFollowing are chairs of the board of directors of the Kansas City Federal Reserve since 1992 24 Year Chair Company Residence2023 present Patrick A Dujakovich Greater Kansas City AFL CIO Kansas City Missouri2017 2022 Rose M Washington Tulsa Economic Development Corporation Tulsa Oklahoma2015 2016 Steve Maestas Maestas Development Group Albuquerque New Mexico2013 2014 Barbara Mowry GoreCreek Advisors Greenwood Village Colorado2011 2012 Paul DeBruce DeBruce Grain Kansas City Missouri2008 2010 Lu M Cordova Corlund Industries Boulder Colorado2005 2007 Robert A Funk Express Personnel Services Oklahoma City Oklahoma2003 2004 Richard H Bard International Surface Preparation Corporation Golden Colorado2001 2002 Terrence P Dunn J E Dunn Construction Kansas City Missouri1998 2000 Jo Marie Dancik Ernst amp Young Denver Colorado1996 1997 A Drue Jennings Kansas City Power amp Light Company Kansas City Missouri1995 1996 Herman Cain Godfather s Pizza Omaha Nebraska1992 1994 Burton A Dole Jr Puritan Bennett Corporation Overland Park KansasBoard of directors EditThe following people are on the board of directors as of 2023 update 25 Class Name Company Residence Term Expires Dec 31 NotesA Patricia J Minard Emprise Bank Wichita Kansas 2023A Kyle Heckman Flatirons Bank Boulder Colorado 2024A Alex Williams Halstead Bank Halstead Kansas 2025B Ruben Alonso III AltCap Kansas City Missouri 2023B Ramin Cherafat McCownGordon Construction Kansas City Missouri 2024B Paul Maass Scoular Omaha Nebraska 2025C Maria Griego Raby Contract Associates Albuquerque New Mexico 2023 Deputy ChairC Jandel Allen Davis Craig Hospital Englewood Colorado 2024C Patrick A Dujakovich Greater Kansas City AFL CIO Kansas City Missouri 2025 ChairAccording to the Kansas City s website the directors blended as follows 26 Class A Three Class A directors represent commercial banks that are members of the Federal Reserve System These directors are bankers who are nominated and elected by member banks within the Tenth Federal Reserve District which includes western Missouri Nebraska Kansas Oklahoma Wyoming Colorado and northern New Mexico Under the Class A category a director will be elected by a specific group of member banks classified as either 1 2 or 3 This classification is based on the total amount of capital and surplus for each commercial bank with Group 1 banks being the largest Each group within the class elects one director Class B Three Class B directors represent the public Class B directors may not be an officer director or employee of a bank or bank holding company These directors are also elected by member banks under the same categories as Class A directors Class C Three Class C directors also represent the public but are appointed by the Board of Governors of the Federal Reserve System This adds another layer to the blending of public and private control over the nation s central bank The Board of Governors also selects both the chairman and deputy chairman of each regional Federal Reserve Bank s board of directors from among the Class C directors These directors are highly insulated from banking relationships They may not be an officer director or employee of a bank or bank holding company Additionally these directors may not own stock in a bank or a bank holding company Popular culture EditThe heist in the 2008 movie Mad Money takes place at a fictitious version of the bank See also Edit nbsp Banks portalFederal Reserve Act Federal Reserve System Federal Reserve Bank Federal Reserve Districts Federal Reserve Branches Federal Reserve Bank of Kansas City Denver Branch Federal Reserve Bank of Kansas City Oklahoma City Branch Federal Reserve Bank of Kansas City Omaha Branch Structure of the Federal Reserve SystemReferences Edit Timeline Official Federal Reserve Bank of Kansas City Website Archived December 10 2006 at the Wayback Machine Truman Places Federal Reserve Bank Trumanlibrary org Retrieved January 5 2008 TrumanLibrary org Retrieved 16 November 2011 Federal Reserve Bank of Kansas City Announces Sale of Headquarters Building March 15 2005 Official Press Release Archived September 30 2006 at the Wayback Machine Frequently Asked Questions www kansascityfed org Retrieved 2021 08 04 Economic Symposium Conference Proceedings Federal Reserve Bank of Kansas City Archived 2014 09 29 at the Wayback Machine Economic Symposium Conference Proceedings Federal Reserve Bank of Kansas City Archived from the original on 2014 08 22 Retrieved 2014 08 24 Wiseman Paul 30 August 2012 Why world markets focus on tiny Jackson Hole Wyo USA Today Retrieved 23 March 2013 Jackson Hole Symposium kc frb org Retrieved August 22 2009 kc frb org Archived from the original on August 1 2009 Retrieved 2011 11 16 Lahart Justin Mr Rajan Was Unpopular But Prescient at Greenspan Party The Wall Street Journal Retrieved 18 April 2010 Lahart Justin Ignoring the Oracles You Are With the Free Markets or Against Them The Wall Street Journal Retrieved 18 April 2010 Beat Balzli Michaela Schiessl 8 July 2009 The Man Nobody Wanted to Hear Spiegel Online International Claudio Borio William R White Whither Monetary and Financial Stability The Implications of Evolving Policy Regimes PDF Federal Reserve Bank of Kansas City Archived from the original PDF on 18 May 2013 Retrieved 3 November 2013 Rajan Rajan specific warning papers here 2005 PDF Archived from the original PDF on 30 September 2013 Retrieved 3 November 2013 How Jackson Hole became such an important economic talking shop The Economist Retrieved 2017 06 11 Unemployment in the euro area European Central Bank 22 August 2014 Retrieved 2017 06 11 Can Mario Draghi save the euro again The Washington Post Retrieved 2017 06 11 Draghi steals the show at Jackson Hole Financial Times Archived from the original on 2022 12 11 Retrieved 2017 06 11 The Lost Consistency of European Policy Makers Sparse Thoughts of a Gloomy European Economist 2014 10 06 Retrieved 2017 06 11 Blackstone Brian 2014 08 22 ECB s Mario Draghi Signals Departure From Austerity Focus The Wall Street Journal ISSN 0099 9660 Retrieved 2017 06 11 A Peek at More Than Three Decades of Jackson Hole Economic Gabfests Bloomberg com 2016 08 25 Retrieved 2017 06 11 Federal Reserve Bank of Kansas City The Money Museum Archived 2008 08 24 at the Wayback Machine Uploaded 25 July 2008 Archived copy PDF Archived from the original PDF on 2012 04 02 Retrieved 2011 09 16 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link Kansas City Fed s new chief is a veteran banking executive Reuters Retrieved 3 August 2023 Kansas City Alumni Directors Federal Reserve Bank of Kansas City Archived from the original on 2011 10 27 Retrieved 2011 11 16 Directors of Federal Reserve Banks and Branches The Federal Reserve 8 December 2013 Board of Directors Federal Reserve Bank of Kansas City Archived from the original on 2011 11 02 Retrieved 2011 11 16 External links Edit nbsp Wikimedia Commons has media related to Federal Reserve Bank of Kansas City Kansas City Fed home page Kansas City Money Museum The old main office building is at coordinates 39 06 12 N 94 34 51 W 39 103429 N 94 580929 W 39 103429 94 580929 39 4 33 N 94 35 9 W 39 07583 N 94 58583 W 39 07583 94 58583 Retrieved from https en wikipedia org w index php title Federal Reserve Bank of Kansas City amp oldid 1175119081, wikipedia, wiki, book, books, library,
