Federal Reserve Bank of Minneapolis
Encyclopedia
The Federal Reserve Bank of Minneapolis, located in Minneapolis, Minnesota
Minneapolis, Minnesota
Minneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States...

, in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

, covers the 9th District of the Federal Reserve, including Minnesota
Minnesota
Minnesota is a U.S. state located in the Midwestern United States. The twelfth largest state of the U.S., it is the twenty-first most populous, with 5.3 million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state...

, Montana
Montana
Montana is a state in the Western United States. The western third of Montana contains numerous mountain ranges. Smaller, "island ranges" are found in the central third of the state, for a total of 77 named ranges of the Rocky Mountains. This geographical fact is reflected in the state's name,...

, North
North Dakota
North Dakota is a state located in the Midwestern region of the United States of America, along the Canadian border. The state is bordered by Canada to the north, Minnesota to the east, South Dakota to the south and Montana to the west. North Dakota is the 19th-largest state by area in the U.S....

 and South Dakota
South Dakota
South Dakota is a state located in the Midwestern region of the United States. It is named after the Lakota and Dakota Sioux American Indian tribes. Once a part of Dakota Territory, South Dakota became a state on November 2, 1889. The state has an area of and an estimated population of just over...

, northwestern Wisconsin
Wisconsin
Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...

, and the Upper Peninsula of Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....

. Although its geographical territory is the third largest in the Federal Reserve system, it serves a population base of only 8,349,261 (2000 census
United States Census, 2000
The Twenty-second United States Census, known as Census 2000 and conducted by the Census Bureau, determined the resident population of the United States on April 1, 2000, to be 281,421,906, an increase of 13.2% over the 248,709,873 persons enumerated during the 1990 Census...

), the smallest in the system. It has one branch in Helena, Montana
Helena, Montana
Helena is the capital city of the U.S. state of Montana and the county seat of Lewis and Clark County. The 2010 census put the population at 28,180. The local daily newspaper is the Independent Record. The Helena Brewers minor league baseball and Helena Bighorns minor league hockey team call the...

. Narayana Kocherlakota
Narayana Kocherlakota
Narayana Kocherlakota is an American economist and is the 12th and current president of the Federal Reserve Bank of Minneapolis.- Early life and education :...

 became president and chief executive officer on Oct. 8, 2009 (Gary H. Stern
Gary H. Stern
Gary Hilton Stern is an American economist and banker. On March 16, 1985, he took office as the eleventh chief executive of the Federal Reserve Bank of Minneapolis, and retired from the position on September 1, 2009.-Life and career:...

 was the previous president).
The Minneapolis Fed has strong ties to the economics department at the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...

. Nobel laureate economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...

 Edward Prescott was affiliated with both institutions for a long time. The Bank publishes The Region, a magazine featuring articles about economic policy and interviews with famous economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...

s.

Class A (elected by member banks to represent member banks)

Class A
Name Title Term Expires
Michael J. O'Meara Chairman
Peoples Bank of Wisconsin
Eau Claire, Wisconsin
Eau Claire, Wisconsin
Eau Claire is a city located in the west-central part of the U.S. state of Wisconsin. The population was 65,883 as of the 2010 census, making it the largest municipality in the northwestern portion of the state, and the 9th largest in the state overall. It is the county seat of Eau Claire County,...

2011
Richard L. Westra President and Chief Executive Officer
Dacotah Banks, Inc.
Aberdeen, South Dakota
Aberdeen, South Dakota
Aberdeen is a city in and the county seat of Brown County, South Dakota, United States, about 125 mi northeast of Pierre. Settled in 1880, it was incorporated in 1882. The city population was 26,091 at the 2010 census. The American News is the local newspaper...

2012
Julie Causey Chairman
Western Bank
Western bank
Western bank is a title used by various financial institutions. It may refer to:* Westernbank, a bank in Mayagüez, Puerto Rico.* Canadian Western Bank , a bank located in Edmonton, Alberta, Canada....


St. Paul, Minnesota
2013

Class B (elected by member banks to represent the public)

Class B
Name Title Term Expires
Howard A. Dahl President and Chief Executive Officer
Amity Technology, LLC
Fargo, North Dakota
Fargo, North Dakota
Fargo is the largest city in the U.S. state of North Dakota and the county seat of Cass County. In 2010, its population was 105,549, and it had an estimated metropolitan population of 208,777...

2011
William J. Shorma President
Shur-Co
Yankton, South Dakota
Yankton, South Dakota
Yankton is a city in, and the county seat of, Yankton County, South Dakota, United States. The population was 14,454 at the 2010 census. Yankton was the original capital of Dakota Territory. It is named for the Yankton tribe of Nakota Native Americans...

2012
Lawrence R. Simkins Chairman, President and Chief Executive Officer
ReuThe Washington Companies
Missoula, Montana
Missoula, Montana
Missoula is a city located in western Montana and is the county seat of Missoula County. The 2010 Census put the population of Missoula at 66,788 and the population of Missoula County at 109,299. Missoula is the principal city of the Missoula Metropolitan Area...

2013

Class C (appointed by the Board of Governors to represent the public)

Class C
Name Title Term Expires
John W. Marvin
(Chair)
Chairman and Chief Executive Officer
Marvin Windows and Doors
Warroad, Minnesota
Warroad, Minnesota
As of the census of 2000, there were 1,722 people, 657 households, and 419 families residing in the city. The population density was . There were 766 housing units at an average density of . The racial makeup of the city was 81.65% White, 0.29% Black or African American, 7.38% Native American,...

2011
Randall J. Hogan Chairman and Chief Executive Officer
Pentair, Inc.
Minneapolis, Minnesota
Minneapolis, Minnesota
Minneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States...

2012
Mary K. Brainerd
(Deputy Chair)
President and Chief Executive Officer
HealthPartners
HealthPartners
HealthPartners is an integrated, nonprofit heath care provider located in Bloomington, Minnesota, offering a number of different heath care plans. It is the largest consumer-governed, nonprofit health care organization in the United States. - History :...


Minneapolis, Minnesota
Minneapolis, Minnesota
Minneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States...

2013

Bank buildings

Three buildings have served as headquarters for the district, all within a few blocks of each other.

1915-1973

The first was designed by Cass Gilbert
Cass Gilbert
- Historical impact :Gilbert is considered a skyscraper pioneer; when designing the Woolworth Building he moved into unproven ground — though he certainly was aware of the ground-breaking work done by Chicago architects on skyscrapers and once discussed merging firms with the legendary Daniel...

 and completed in 1915. It was unusual in that there were no window
Window
A window is a transparent or translucent opening in a wall or door that allows the passage of light and, if not closed or sealed, air and sound. Windows are usually glazed or covered in some other transparent or translucent material like float glass. Windows are held in place by frames, which...

s on the lower walls close to the street—from the start, large bricks filled in the spaces where windows would be expected. Only up at the top was anyone able to look out from the building. The structure only became more strange in the 1950s, when a small skyscraper 8 stories tall was added on top. The modern superstructure clashed with the granite Roman columns on the building's façade. After the Fed moved to its second building in 1973, the new owner, a partnership of New York developers, Peter V. Tishman and Jay Marc Schwamm, had the lower portion covered with something that was a better match to the skyscraper "hat" on top. The 3 foot (0.9144 m), windowless, lower floors were stripped of the granite and replaced with a "bird cage" limestone facade (designed by Minneapolis architect Robert Cerny) and a totally artificially sustained natural 3000 square feet (278.7 m²) garden of ficus trees and pools of water (designed by landscape architectural firm of Lawrence Halprin
Lawrence Halprin
Lawrence Halprin was an influential American landscape architect, designer and teacher.Beginning his career in the San Francisco Bay Area, California, in 1949, Halprin often collaborated with a local circle of modernist architects on relatively modest projects. These figures included William...

 of San Francisco
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...

). At the time it was the largest totally artificially sustained garden within an office building in the United States- modeled after the Ford Foundation
Ford Foundation
The Ford Foundation is a private foundation incorporated in Michigan and based in New York City created to fund programs that were chartered in 1936 by Edsel Ford and Henry Ford....

 Building in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

, which has a larger garden, but also one that relies to some extent on outside natural light. There was also the need to remove the interior, independently supported five story vault so that the building could be connected to the adjacent F&M Bank Building, and also become part of the second floor, Minneapolis "skyway" system.
After a three year development the owners persuaded the National City Bank of Minneapolis (now part of M&I Bank)to move to the building and become the principal tenant, the building became known as "The National City Bank Building" until the bank moved out some years later. On completion of the renovation, the building received the Minneapolis CUE (Committee on the Urban Environment) award for having done the most for the urban environment of Minneapolis. The building still exists as 510 Marquette at the corner of Marquette Avenue and 5th Street South in Minneapolis, right next to the Nicollet Mall station of the Hiawatha
Hiawatha Line
The Hiawatha Line is a light rail corridor in Hennepin County, Minnesota that extends from downtown Minneapolis to the southern suburb of Bloomington. It was formerly known as the Hiawatha Line named after Hiawatha Avenue. Major connections on the line include the Minneapolis-St...

 light rail
Light rail
Light rail or light rail transit is a form of urban rail public transportation that generally has a lower capacity and lower speed than heavy rail and metro systems, but higher capacity and higher speed than traditional street-running tram systems...

 line.

1973-1997

The Federal Reserve moved two blocks away on Marquette Avenue to a building now known as Marquette Plaza
Marquette Plaza
Marquette Plaza is a highrise in downtown Minneapolis, Minnesota located at 250 Marquette Avenue. Designed by Gunnar Birkerts, it was home to the Federal Reserve Bank of Minneapolis from 1973 to 1997 . Designed much like a suspension bridge, most of the original floors are supported by two sets of...

, which is constructed much like a suspension bridge
Suspension bridge
A suspension bridge is a type of bridge in which the deck is hung below suspension cables on vertical suspenders. Outside Tibet and Bhutan, where the first examples of this type of bridge were built in the 15th century, this type of bridge dates from the early 19th century...

 with cables strung between pillars at the ends carrying the load. It is noted as the first (and perhaps only) building ever made to use catenary
Catenary
In physics and geometry, the catenary is the curve that an idealised hanging chain or cable assumes when supported at its ends and acted on only by its own weight. The curve is the graph of the hyperbolic cosine function, and has a U-like shape, superficially similar in appearance to a parabola...

 support. Design problems, along with asbestos
Asbestos
Asbestos is a set of six naturally occurring silicate minerals used commercially for their desirable physical properties. They all have in common their eponymous, asbestiform habit: long, thin fibrous crystals...

 contamination, led the Federal Reserve to decide to move into a new complex and sell the old structure. The new owner rehabilitated the building and added on, and the building temporarily housed the central Minneapolis Public Library
Minneapolis Public Library
The Minneapolis Public Library and Information Center was a library system serving the residents of Minneapolis, Minnesota in the United States. It was founded as the publicly traded Minneapolis Athenæum in 1860 and became a free public library in 1885 founded by T. B. Walker...

 while its new building was under construction. The building was designed to accommodate another cable to complete the circle which was never built.

1997-present time

Designed by architecture firm HOK
Hellmuth, Obata and Kassabaum
HOK is a global architecture, interiors, engineering, planning and consulting firm. HOK is the largest U.S.-based architecture-engineering firm and the "No. 1 role model for sustainable and high-performance design." HOK also is the second-largest interior design firm...

, a complex along the Mississippi River
Mississippi River
The Mississippi River is the largest river system in North America. Flowing entirely in the United States, this river rises in western Minnesota and meanders slowly southwards for to the Mississippi River Delta at the Gulf of Mexico. With its many tributaries, the Mississippi's watershed drains...

 now serves as home to the Minneapolis Fed, which moved there in 1997. The address was set as 90 Hennepin Avenue
Hennepin Avenue
Hennepin Avenue is a major street in Minneapolis, Minnesota, United States. It runs from Lakewood Cemetery , north through the Uptown District of Southwest Minneapolis, through the former "Bottleneck" area west of Loring Park, through the North Loop in the city center, to Northeast Minneapolis and...

 to match the 9th district designation. It is located on the site of the former Minneapolis Great Northern Depot
Minneapolis Great Northern Depot
The Minneapolis Great Northern Depot was a passenger train station that served Minneapolis, Minnesota. It was built in 1913 and demolished in 1978...

 adjacent to the Hennepin Avenue Bridge
Hennepin Avenue Bridge
The Hennepin Avenue Bridge is the structure that carries Hennepin County State Aid Highway 52, Hennepin Avenue, across the Mississippi River in Minneapolis, Minnesota at Nicollet Island. Officially, it is the Father Louis Hennepin Bridge, in honor of the 17th-century explorer Louis Hennepin, who...

 and the Pacific sawmill once owned by T. B. Walker
T. B. Walker
Thomas Barlow Walker was a highly successful American businessperson who acquired timber in Minnesota and California and became an art collector. Walker founded the Minneapolis Public Library. He was among the 10 wealthiest men in the world in 1923. He built two company towns, one of which his son...

 and George A. Camp.

Branches

The Federal Reserve Bank of Minneapolis Helena Branch
Federal Reserve Bank of Minneapolis Helena Branch
The Federal Reserve Bank of Minneapolis Helena Branch is the only branch of the Federal Reserve Bank of Minneapolis. The branch was opened on Feb. 1, 1921...

 is the only branch of the Federal Reserve Bank of Minneapolis.

See also

  • Federal Reserve Act
    Federal Reserve Act
    The Federal Reserve Act is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes and Federal Reserve Bank Notes as legal tender...

  • Federal Reserve System
    Federal Reserve System
    The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...

  • Federal Reserve Districts
  • Federal Reserve Branches
    Federal Reserve Branches
    There are 24 Federal Reserve Branches. As late as 2008, there were 25 branches, but in October 2008 the Federal Reserve Bank of New York Buffalo Branch was closed.List of Federal Reserve Branches* Boston* New York...

  • Federal Reserve Bank of Minneapolis Helena Branch
    Federal Reserve Bank of Minneapolis Helena Branch
    The Federal Reserve Bank of Minneapolis Helena Branch is the only branch of the Federal Reserve Bank of Minneapolis. The branch was opened on Feb. 1, 1921...

  • Structure of the Federal Reserve System
    Structure of the Federal Reserve System
    The Federal Reserve System is composed of five parts:# The presidentially appointed Board of Governors , an independent federal government agency located in Washington, D.C....


External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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