History of the Kansas City Fed
Featured Content
Historical Publications
The Kansas City Fed offers free publications on a variety of topics, including Fed history, banking, macroeconomics, rural...
Looking Back: The creation of the Federal Reserve
New series sheds light on pivotal moments in Federal Reserve history and service.
Jackson Hole Economic Policy Symposium: Through the Years
View a timeline highlighting important moment's in the Jackson Hole Economic Symposium's history.
Looking Back: The Federal Open Market Committee and its voting rotation
TEN's history series explains how the FOMC and its voting structure evolved over the decades.
The Harry S. Truman Coin Collection
Learn about the history of the Harry S. Truman Coin Collection on display in the Money Museum, Truman's time at the Fed, and...
How the Economic Policy Symposium came to Jackson Hole
After four Symposiums focused on agriculture, the Bank changed themes as well as the location—settling at the foot of the...
The Kansas City Fed's Origin
When was the Federal Reserve Bank of Kansas City established?
After Congress passed the Federal Reserve Act, President Woodrow Wilson signed it into law on Dec. 23, 1913. Many cities quickly sought out selection for a Reserve Bank.
Newspaper clippings from 1913 indicate that cities like New York, Chicago, Boston, and St. Louis were almost certain to be chosen. Kansas City was considered a less likely choice.
The Reserve Bank Organizing Committee (RBOC) heard proposals from cities vying for a Reserve Bank and polled national banks to ask which cities would be preferable for them. Kansas City received strong support among banks in our region with 355 first-place votes, followed by Omaha, Nebraska, with 191 and Denver, Colorado, with 132.
After hearing proposals, the RBOC signed the papers to incorporate the Federal Reserve Bank of Kansas City on May 18, 1914.
How were cities evaluated for potential Reserve Bank sites?
The RBOC used this list of criteria to make decisions about Reserve Bank sites:
- The ability of member banks in the region to hit the minimum capital of $4 million required for each Reserve Bank by law
- Mercantile, Industrial and financial connections within each district
- Geographical factors, like transportation lines and communication facilities
- Population, area size and prevalent business activities within each district
- The fair and equitable division of capital among districts
- The ability of each of the Reserve Bank in each district to meet the demands placed upon it
What set Kansas City apart?
- The near completion of Union Station made Kansas City the main gateway for transportation in the West and Southwest.
- Kansas City’s population grew more than 50% between 1900 and 1910 to nearly 250,000 residents. This growth continued, reaching 325,000 residents in 1920.
- Kansas City had (and continues to have) a large presence in our country's agriculture industry. Specifically, the poultry and egg business and horse and mule markets were booming in 1913. The Kansas City stockyards were the second busiest in the nation at the time, trailing only Chicago.
To learn more about the Kansas City Fed’s history, download your free digital copy of "In the Public Interest."
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