Taylor Scott
The Federal Reserve Banks, which form the central bank of the United States, are typically closed on weekends and public holidays. For example, on January 20, 2025, the Federal Reserve Banks were closed in observance of Martin Luther King Jr. Day. There is also historical precedent for the Federal Reserve Banks to close for extended periods during times of economic crisis, such as the week-long bank holiday in 1933 during the Great Depression.
| Characteristics | Values |
|---|---|
| Federal Reserve Banks closure | Observance of the Birthday of Martin Luther King Jr. on January 20, 2025 |
| Federal Reserve Banks closure | July 5, 2027 (falls on a Sunday, so Banks and Branches will be closed the following Monday) |
| Federal Reserve Banks closure | November 12, 2029 (falls on a Sunday, so Banks and Branches will be closed the following Monday) |
| Federal Reserve Banks closure | July 3, 2026 (Banks open, but Board of Governors closed) |
| Federal Reserve Banks closure | June 18, 2027 (Banks open, but Board of Governors closed) |
| Federal Reserve Banks closure | December 24, 2027 (Banks open, but Board of Governors closed) |
| Federal Reserve Banks closure | November 10, 2028 (Banks open, but Board of Governors closed) |
| Federal Reserve Banks closure | December 31, 2028 (Banks open, but Board of Governors closed) |
| Federal Reserve Banks closure | During the weeklong bank holiday in 1933 |
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What You'll Learn
Federal Reserve Banks close for public holidays and weekends
The Federal Reserve Banks are closed during public holidays and weekends. When a holiday falls on a Saturday, the Federal Reserve Banks and branches will remain open on the preceding Friday. However, the Board of Governors will be closed. If a holiday falls on a Sunday, all Federal Reserve offices will be closed on the following Monday.
For example, the Federal Reserve Banks will be closed on the following Mondays in observance of holidays that fall on Sundays: July 5, 2027, and November 12, 2029. The Federal Reserve Banks were also closed on January 20, 2025, in observance of the Birthday of Martin Luther King, Jr.
The Federal Reserve Banks and the Board of Governors are occasionally closed on Sundays as well. For instance, they will not operate on July 5, 2027, and November 12, 2029.
The Federal Reserve Banks also close on Saturdays, although the Board of Governors remains closed. For example, the Federal Reserve Banks will be closed on July 3, 2026, June 18, 2027, December 24, 2027, November 10, 2028, and December 31, 2028.
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The Emergency Banking Act of 1933
Immediately after his inauguration in March 1933, President Franklin Roosevelt set out to restore Americans' confidence in the nation's banking system, which had been severely affected by the Great Depression. Many people lost faith in financial institutions and opted to withdraw their money from banks, keeping it at home instead. To curb this, Roosevelt called a special session of Congress a day after his inauguration and declared a four-day banking holiday that shut down the entire banking system, including the Federal Reserve.
A few days later, on March 9, 1933, Congress passed the Emergency Banking Act, which was intended to restore confidence in banks when they reopened. The Act allowed the twelve Federal Reserve Banks to issue additional currency on good assets, thus ensuring that the banks that reopened would be able to meet every legitimate call and prevent runs by depositors. The Federal Reserve also committed to supplying unlimited amounts of currency to reopened banks, creating 100% deposit insurance.
The Emergency Banking Act also had a significant impact on the Federal Reserve's structure and the president's power. Title I of the Act increased the president's authority to conduct monetary policy independently of the Federal Reserve System during financial crises. Title III authorized the Reconstruction Finance Corporation (RFC) to provide capital to financial institutions. Combined, Titles I and IV removed the United States and Federal Reserve Notes from the gold standard, creating a new framework for monetary policy.
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The Federal Reserve Bank Notes
Federal Reserve Bank Notes were legal tender banknotes in the United States that were issued between 1915 and 1934. They were specified in the Federal Reserve Act of 1913 and held the same value as other kinds of notes of the same denomination. The Federal Reserve Bank Notes are different from Federal Reserve Notes as they are backed by one of the twelve Federal Reserve Banks, not all collectively.
Small-size Federal Reserve Bank Notes were printed as an emergency issue in 1933, using the same paper stock as the 1929 National Bank Notes, in denominations of $5 through $100. This emergency issue was due to the public hoarding of cash as a result of numerous bank failures at the time. The notes included the wording, "Or by like deposit of other securities", which was added after "Secured by United States bonds deposited with the Treasurer of the United States of America".
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Federal Reserve holiday schedule
The Federal Reserve System has a standard holiday schedule that is observed by Federal Reserve Banks and Branches across the United States. This schedule includes variations for holidays that fall on weekends. For holidays that fall on a Saturday, Federal Reserve Banks and Branches will be open the preceding Friday, but the Board of Governors will be closed. Similarly, for holidays that fall on a Sunday, all Federal Reserve offices will be closed the following Monday.
The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system. The specific holiday schedule for the Federal Reserve can vary from year to year. For example, the Federal Reserve has published its holiday schedule for 2025, which includes details on the operations of the Federal Reserve Banks during holidays.
It is important to note that the Federal Reserve System's holiday schedule may differ from other financial institutions or organisations. The Federal Reserve Bank of New York, for instance, promotes financial education and industry development through its New York Innovation Centre. However, it is unclear whether the centre follows the same holiday schedule as the Federal Reserve Banks.
The FOMC (Federal Open Market Committee), a component of the Federal Reserve System, holds eight regularly scheduled meetings per year and releases the minutes of these meetings to the public three weeks after the policy decision date. These meetings are separate from the holiday schedule and are conducted to discuss monetary policy and strategy.
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Federal Reserve Banks are closed on Saturdays
The Federal Reserve System is the central banking system of the United States of America. It was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. The Federal Reserve System is composed of 12 Federal Reserve Banks, with branches in major cities across the country. Each Federal Reserve Bank has a defined geographic area of responsibility, called a district, and is responsible for supervising and regulating financial institutions within its district.
The Federal Reserve Banks play a crucial role in maintaining the stability and efficiency of the nation's financial system. They provide banking services to commercial banks and other depository institutions, facilitate payments and settlements between banks, and participate in the formulation and implementation of monetary policy. The Federal Reserve Banks also conduct economic research and provide financial services to the US government, including managing its currency reserves and issuing federal reserve notes, commonly known as dollar bills.
As part of their commitment to ensuring a safe and competitive banking environment, the Federal Reserve Banks adhere to a holiday schedule. This schedule is designed to allow for the smooth operation of the banking system while also providing employees with much-needed rest during public holidays. By closing on Saturdays and certain holidays, the Federal Reserve Banks contribute to a balanced and sustainable approach to financial services, promoting stability and trust in the US economy.
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Frequently asked questions
Yes, Federal Reserve Banks observe national holidays and are closed on those days.
Federal Reserve Banks follow the Federal Reserve System Holiday Schedule and are closed on holidays that fall on Sundays, with the preceding Saturday also being observed.
Yes, the Federal Reserve Banks were closed on January 20, 2025, in observance of the Birthday of Martin Luther King, Jr.
Yes, the Federal Reserve Banks will be closed on Monday, July 5, 2027, as the holiday falls on Sunday.
