As it lowers interest rates and works to stabilize our economy, the Federal Reserve Bank (or “the Fed”) has been on the minds of many Americans recently. While the nation looks to the Fed to solve these issues, the eyes of Kansas City have also been turned toward the bank’s impressive new home rising in the Midtown area.
The new structure at One Memorial Drive has risen on land where St. Mary’s Hospital once stood. Just south of the Liberty Memorial, construction cranes have been busy hoisting steel and concrete, while a beehive of workers inside and out readied the building for its occupants. Early this spring, employees of the Federal Reserve Bank of Kansas City began the move from their longtime residence at 925 Grand to this elegant 12-story limestone office building.
10-J: The History of the Federal Reserve Bank of Kansas City recounts the contentious process that led to the creation of the Federal Reserve Bank system in 1913. And how, thanks to a strong, united civic effort, Kansas City managed to snare one of only twelve regional banks it had chartered. In fact, Missouri, with another bank awarded to St. Louis, is the only state with two Federal Reserve Bank locations.
The notable figures that forged the bank’s beginnings, the innovative structure of the system itself, and the many ways this region has benefited from it, are all examined in the documentary as well. With branches in Omaha, Denver and Oklahoma City, the Kansas City Federal Reserve Bank heads economic efforts that extend well beyond the metro, covering a vast region of Midwest, Southwest and Rocky Mountain lands.
For more information about the Federal Reserve Bank of Kansas City visit www.kansascityfed.org.