Federal Reserve Bank of Richmond Baltimore Branch Office
Encyclopedia
Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, Maryland...
branch offices. The Federal Reserve Bank of Richmond's Baltimore Branch is an operational and regional center for Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, the metropolitan Washington D.C. area
Washington Metropolitan Area
The Washington Metropolitan Area is the metropolitan area centered on Washington, D.C., the capital of the United States. The area includes all of the federal district and parts of the U.S...
, Northern Virginia
Northern Virginia
Northern Virginia consists of several counties and independent cities in the Commonwealth of Virginia, in a widespread region generally radiating southerly and westward from Washington, D.C...
, and northeastern West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
. The Baltimore branch is part of the Fifth District and has the code E5. It support Check 21 operations, supply coin and currency to financial institutions and work to maintain stability in the financial sector throughout the fifth district and also work with local elected officials and non-profit organizations to support fair housing initiatives throughout the Fifth District. The Baltimore branch was founded in March 1918 and is currently headed by William R. Roberts
William R. Roberts
William Randall Roberts was a diplomat, Fenian Society member, and United States Representative from New York . Born in County Cork, Ireland, he immigrated to the United States in July 1849, received a limited schooling, and was a merchant in New York City until 1869, until he retired.In 1865,...
.
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
, a majority of whom are appointed by the parent Federal Reserve Bank
Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
; the others are appointed by the Board of Governors
Board of governors
Board of governors is a term sometimes applied to the board of directors of a public entity or non-profit organization.Many public institutions, such as public universities, are government-owned corporations. The British Broadcasting Corporation was managed by a board of governors, though this role...
. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that Branch in a manner prescribed by the parent Federal Reserve Bank.
The Baltimore branch currently allows private and educational tours of up to thirty people with reservations. Cell phones and cameras are not permitted inside the building. The Federal Reserve Bank of Richmond Baltimore Branch Office sponsors the annual Fed Challenge to encourage better understanding of the nation's central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
and the forces influencing economic conditions in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and abroad.
In 1997, the Federal Reserve Bank of Richmond
Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, Maryland...
- Baltimore Branch won the silver U.S. Senate Productivity and Maryland Quality Award. In 2008, Dorothy Voorhees received the Federal Reserve Bank of Richmond Baltimore Branch 2008 Excellence Award for outstanding achievement in the study of economics.
News
On April 18, 2009, the Baltimore branch office of the Federal Reserve Bank of RichmondFederal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, Maryland...
will no longer process checks
Cheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...
, and banks currently served by that office will be reassigned to the head office of the Federal Reserve Bank of Philadelphia
Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia, headquartered in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern Pennsylvania, the 9 southern counties of New Jersey, and Delaware...
. See which documents the change.
Historic building
The Baltimore Federal Reserve Branch Bank is a historic bankBank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
and office
Office
An office is generally a room or other area in which people work, but may also denote a position within an organization with specific duties attached to it ; the latter is in fact an earlier usage, office as place originally referring to the location of one's duty. When used as an adjective, the...
building located at Baltimore
Baltimore
Baltimore is the largest independent city in the United States and the largest city and cultural center of the US state of Maryland. The city is located in central Maryland along the tidal portion of the Patapsco River, an arm of the Chesapeake Bay. Baltimore is sometimes referred to as Baltimore...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. It is a masonry and steel, ten story building and five bays wide on each elevation, designed in 1926 in the Second Renaissance Revival Style. The exterior features rusticated limestone facing, with carvings and enormous arched windows on the first floor. The interior features an enormous main banking room with floors, teller stations, and Corinthian
Corinthian order
The Corinthian order is one of the three principal classical orders of ancient Greek and Roman architecture. The other two are the Doric and Ionic. When classical architecture was revived during the Renaissance, two more orders were added to the canon, the Tuscan order and the Composite order...
columns all of polished marble. It was expanded in 1956.
The Federal Reserve Bank of Richmond, Baltimore Branch was listed on the National Register of Historic Places
National Register of Historic Places
The National Register of Historic Places is the United States government's official list of districts, sites, buildings, structures, and objects deemed worthy of preservation...
in 1983.
Employment
Employees of the Federal Reserve Bank of Richmond Baltimore Branch Office are not governmentGovernment
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
employees. Instead, they are paid
Paid
Paid may refer to several films:*Paid , starring Joan Crawford*Paid , a Dutch film...
as part of the expenses of their employing Reserve Bank
Reserve Bank
Reserve Bank can amongst other things be:*Reserve Bank of Australia*Reserve Bank of Fiji*Reserve Bank of India*Reserve Bank of New Zealand*South African Reserve Bank*Federal Reserve Bank *Reserve Bank of Vietnam...
. This means that they are not eligible for federal employee benefits which include healthcare, additional legal rights, and a government pension.
The Federal Reserve Bank of Richmond, Baltimore Branch has a 2009 Spring Student Internship Paid
Position available to junior and senior college students. Students must be able to work
between 16–24 hours per week and the starting salary begins at $18.98 per hour. The students are required to relocate to Baltimore, Maryland as part of their internship.
Appointed by the Federal Reserve Bank
| Name | Title | Term Expires |
|---|---|---|
| Biana J. Arentz | President and Chief Executive Officer Hemingway's Inc. Stevensville, Maryland Stevensville, Maryland Stevensville is a census-designated place in Queen Anne's County, Maryland, and is the county's most populous place among both CDPs and municipalities. The Stevensville Historic District is one of only two registered historic districts in the county, the other being the Centreville Historic... |
2011 |
| James T. Brady | Managing Director-Mid-Atlantic Ballantrae International, Ltd. Ijamsville, Maryland Ijamsville, Maryland Ijamsville is an unincorporated community located 7 miles southeast of Frederick, Maryland, in Frederick County, Maryland, United States.In 1785, a gentleman by the name of Plummer Ijams became the first recorded resident of what would become Ijamsville. Plummer Ijams died on June 14, 1796... |
2012 |
| Anita G. Newcomb | President and Managing Director A. G. Newcomb & Co. Columbia, Maryland Columbia, Maryland Columbia is a planned community that consists of ten self-contained villages, located in Howard County, Maryland, United States. It began with the idea that a city could enhance its residents' quality of life. Creator and developer James W. Rouse saw the new community in terms of human values, not... |
2012 |
| William B. Grant | Chairman and Chief Executive Officer First United Corp. and First United Bank & Trust Oakland, Maryland Oakland, Maryland Oakland is a town in the west-central part of Garrett County, Maryland, United States. With a population of 1,925 according to United States Census 2010 figures, it is the most populated community in Garrett County... |
2013 |
Appointed by the Board of Governors
| Name | Title | Term Expires |
|---|---|---|
| Jenny G. Morgan | President basys, inc. Linthicum, Maryland Linthicum, Maryland Linthicum is a census-designated place and an unincorporated community in Anne Arundel County, Maryland, United States. The population was 7,539 at the 2000 census. It is the approximate location of Baltimore-Washington International Thurgood Marshall Airport... |
2011 |
| Ronald Blackwell (Chair) |
Chief Economist AFL-CIO AFL-CIO The American Federation of Labor and Congress of Industrial Organizations, commonly AFL–CIO, is a national trade union center, the largest federation of unions in the United States, made up of 56 national and international unions, together representing more than 11 million workers... Washington, D.C. Washington, D.C. Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution.... |
2012 |
| Samuel L. Ross, M.D. | Chief Executive Officer Bon Secours Baltimore Health System Baltimore, Maryland |
2013 |
Conferences
- "Understanding New Markets Tax Credits," Wall Street Without Walls Training Workshop at the Federal Reserve Bank of Richmond, Baltimore Branch, Baltimore, Maryland, July 22, 2003.
- "Transitional Employment Models," The Enterprise Foundation Ready, Work, Grow National Workforce Conference, Baltimore, Maryland, April 2003.
Documents
- , which documents the check processing change.
See also
- Federal Reserve ActFederal Reserve ActThe 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 SystemFederal Reserve SystemThe 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 BranchesFederal Reserve BranchesThere 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 RichmondFederal Reserve Bank of RichmondThe Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, Maryland...
- Federal Reserve Bank of Richmond Charlotte Branch OfficeFederal Reserve Bank of Richmond Charlotte Branch OfficeThe Federal Reserve Bank of Richmond Charlotte Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond’s Charlotte Branch is an operational and regional center for the Carolinas, including the nation’s second largest financial center in...
External links
- Federal Reserve Bank of Richmond Baltimore Branch Office
- Baltimore Branch Education Contacts
- A day at the fed
- State/index.cfm#tabview=tab1 State Member Banks
- Baltimore Branch of the Federal Reserve Bank of Richmond, Baltimore City, including photo from 1985, at Maryland Historical Trust
- Federal Reserve Education
- College Fed Challenge Resource Page
- Federal Reserve Bank of Richmond Education
- List of Federal Reserve Branches and contact details