Ethan Riley
The Federal Reserve Bank of San Francisco, founded in 1914, is the central bank of the United States, providing the nation with a safe, flexible, and stable monetary and financial system. It is the most influential of the 12 reserve banks in the Federal Reserve System, overseeing the largest Federal Reserve district, the Twelfth District, which includes California and eight other states. The Federal Reserve Bank of San Francisco has branch offices in Los Angeles, California; Portland, Oregon; Seattle, Washington; and Salt Lake City, Utah.
| Characteristics | Values |
|---|---|
| Year founded | 1913 |
| Purpose | To enhance the stability of the American banking system |
| Type of currency | Federal Reserve notes |
| Number of reserve banks | 12 |
| Federal Reserve Bank of San Francisco rank | Second most influential reserve bank |
| Number of states overseen by Federal Reserve Bank of San Francisco | 9 |
| Branch offices of Federal Reserve Bank of San Francisco | Los Angeles, California; Portland, Oregon; Salt Lake City, Utah; and Seattle, Washington |
| Number of branch offices of Federal Reserve Bank in Los Angeles | 2 |
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What You'll Learn
The Federal Reserve Bank of San Francisco
The Federal Reserve Bank in San Francisco opened for business in rented quarters at the rear of the Merchants National Bank on 16 November 1914 to make the reserve provisions of the Federal Reserve Act. The San Francisco staff moved into the Bank's newly built headquarters at 400 Sansome Street in 1924. In 1983, the bank relocated to larger and more modern facilities on 101 Market Street as the 400 Sansome Street location was sold to private developers. The Federal Reserve Bank of San Francisco Los Angeles Branch opened in January 1920 and has been housed in two buildings. The current building, completed in 1987, is adjacent to the original 1929 building, which was listed on the National Register of Historic Places in 1984.
Mary C. Daly is the current President and CEO of the Federal Reserve Bank of San Francisco, taking office on 1 October 2018. Notable former presidents include John C. Williams (2011-2018) and Janet Yellen (2004-2010).
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The Federal Reserve System
The Federal Reserve Bank of San Francisco is considered the second most influential reserve bank, after the Federal Reserve Bank of New York. It is the largest reserve bank by geography and the size of the economy it serves, overseeing one-fifth of the US population. The bank's headquarters are in San Francisco, with branch offices in Los Angeles, Portland, Salt Lake City, and Seattle.
The Los Angeles branch office, which opened in 1920, is the largest in the Twelfth District and the Federal Reserve System as a whole. The original building, designed in a Classical Moderne style, is listed on the National Register of Historic Places.
Monetary policy is determined at the Federal Open Market Committee (FOMC) meetings, held eight times a year. The FOMC consists of 12 members, including the seven governors of the Federal Reserve Board and the president of the Federal Reserve Bank of New York, as well as four other bank presidents who serve one-year terms on a rotating basis.
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Federal Reserve notes
The Federal Reserve Notes are not issued by the US Treasury, but they do carry the signature of the Treasurer of the United States and the US Secretary of the Treasury. When first issued, these notes could be redeemed at the Treasury for gold or "lawful money", which included US Notes, National Bank Notes, and other reserve requirement notes. The Emergency Banking Act of 1933 removed the gold obligation, and today, Federal Reserve Notes are backed only by the collateral assets posted by the Federal Reserve Banks.
The process of obtaining these notes by commercial banks involves debiting their reserve accounts with the Federal Reserve. Smaller banks without reserve accounts can maintain these accounts at larger "correspondent banks", which in turn have accounts with the Federal Reserve. The Federal Reserve Agents control the issuance of these notes, and the notes are printed by the Bureau of Engraving and Printing (BEP), a bureau of the Department of the Treasury.
The Federal Reserve Act outlines the procedures for collateralizing the notes, with revisions made over the years to include a broader range of assets as collateral. The Act also addresses the costs incurred in printing and procuring the notes, which are paid by the Federal Reserve Banks.
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Monetary policy
The Federal Reserve System is the central bank of the United States, providing the nation with a safe, flexible, and stable monetary and financial system. The Federal Reserve System performs five key functions that serve all Americans and promote the health and stability of the U.S. economy and financial system.
The Federal Reserve Bank of San Francisco is one of 12 reserve banks that enact U.S. monetary policy. The Federal Reserve Bank of San Francisco serves the Twelfth Federal Reserve District, the largest in the Federal Reserve System, and represents the nine western states of Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington, as well as two territories and a commonwealth. The San Francisco Fed’s core functions are to support monetary policy, strengthen financial institutions, and enhance the payment systems.
The Federal Reserve Bank of San Francisco is the most influential reserve bank after the Federal Reserve Bank of New York. The bank is responsible for executing the central bank’s monetary policy by monitoring economic growth and inflation, which is the pace of rising prices.
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Federal Open Market Committee
The Federal Open Market Committee (FOMC) is the principal organ of United States national monetary policy. The FOMC was formed by the Banking Act of 1933 and amended in 1942 to give it its current structure of twelve voting members. The committee sets monetary policy by specifying the short-term objective for the Fed's open-market operations, which is usually a target level for the federal funds rate. The FOMC holds eight regularly scheduled meetings per year and other meetings as needed. The committee consists of the seven members of the Federal Reserve Board, the president of the New York Fed, and four of the other eleven regional Federal Reserve Bank presidents, serving one-year terms. The Federal Reserve Bank of San Francisco has one of its four branches in Los Angeles, California. The Los Angeles branch is the largest branch office in the District and the Federal Reserve System.
The rotating seats on the FOMC are filled by one bank president from each of the following four groups of banks: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. The New York President always has a voting membership. All of the Reserve Bank presidents, even those who are not currently voting members of the FOMC, attend committee meetings, participate in discussions, and contribute to the committee's assessment of the economy and policy.
In its discussions, the committee considers factors such as trends in prices and wages, employment and production, consumer income and spending, residential and commercial construction, business investment and inventories, foreign exchange markets, interest rates, money and credit aggregates, and fiscal policy. After these reports, the committee members and other Reserve Bank presidents turn to policy. Each participant expresses their views on the state of the economy and prospects for the future, and on the appropriate direction for monetary policy.
The FOMC also directs operations undertaken by the Federal Reserve System in foreign exchange markets, although any intervention in foreign exchange markets is coordinated with the US Treasury, which is responsible for formulating US policies regarding the exchange value of the dollar. Under the Federal Reserve Act, the chairman of the Board of Governors of the Federal Reserve System must appear before congressional hearings at least twice per year regarding the efforts, activities, objectives, and plans of the Board and the FOMC with respect to the conduct of monetary policy.
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Frequently asked questions
Yes, California is home to both the Federal Reserve Bank of San Francisco's headquarters in San Francisco and its Los Angeles branch office.
The Federal Reserve System is the central bank of the United States. It was founded by an act of Congress in 1913 to enhance the stability of the American banking system.
The Federal Reserve Bank of San Francisco is one of the 12 reserve banks in the Federal Reserve System. It is responsible for the 12th Federal Reserve District, which covers nine states including California and serves American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands.
The Federal Reserve Bank of San Francisco is responsible for executing the central bank's monetary policy by monitoring economic growth and inflation in its district. It is also in charge of regulating the banks within its territory and promoting the safety and soundness of financial institutions.
As of 2025, Mary C. Daly is the president and CEO of the Federal Reserve Bank of San Francisco.
