Federal Reserve Bank of Minneapolis
|The Federal Reserve Bank of Minneapolis|
The Federal Reserve Bank of Minneapolis, with one branch in Helena, Montana, serves the Ninth Federal Reserve District. Included in the district are Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.
Stern has encouraged involvement in Federal Reserve System responsibilities. Recent assignments have included the Electronic Payments Product Office and selection as a savings bonds processing site. He has taken an active role in promoting awareness of the Minneapolis Fed through enhanced publications and district dialogues with community leaders.
As one of the 12 Federal Reserve Banks, the Minneapolis Fed carries out a variety of Federal Reserve System functions, including operating a nationwide payments system, distributing the nation's currency and coin, supervising and regulating member banks and bank holding companies, and serving as a banker for the U.S. Treasury.
Minneapolis Fed headquarters are located downtown Minneapolis along the Mississippi River.
The Federal Reserve Bank of Minneapolis was incorporated on May 18, 1914. Directors were elected during the summer of 1914. On October 1, 1914, the Federal Reserve Board appointed John Rich, a successful banker and businessman, to be Minneapolis' Federal Reserve Agent. At their first meeting on October 14-15, 1914, directors adopted by-laws, set up an executive committee, and appointed Theodore Wold chief administrative officer. As Minneapolis' first Governor, Wold assembled and organized the Fed's staff and coordinated work during the Bank's pioneer period as well as during World War I.
During World War I, the Minneapolis Federal Reserve Bank expanded rapidly, peaking at 500 employees in 1918. This expansion was due to the Fed's responsibility, as agent for the U.S. Treasury Department, to issue war bonds. World War I also resulted in a shift in the predominately male work force. By 1918, women comprised about half of the Bank's staff. By 1943, the number of employees at the Minneapolis Fed had soared to over 900.