Federal Reserve Bank of Minneapolis history

In January 1915, the Bank's 18 employees and officers moved into the New York Life Building at Second Avenue South and Fifth Street.

During World War I, the Minneapolis Federal Reserve Bank expanded rapidly, peaking at 500 employees in 1918.

Open-market operations—the buying and selling of securities—were mostly a way for Reserve Banks to earn revenue; their potency in monetary policy was not recognized until the early 1920s.

1, 1921, the Helena branch was opened at the corner of Park and Edward Streets with a staff of 36.

In March 1933, President Roosevelt declared a bank holiday to assess the national monetary situation and develop a remedial plan.

Prior to the enactment of the Banking Act of 1935, the chief executive officer of each Federal Reserve Bank held the title of governor.

By 1943, the number of employees at the Minneapolis Fed had soared to over 900.

In 1947, mechanical check sorters were introduced.

The building opened in 1973 as the world’s first suspension building.

In 1978, Mark Willes dissented seven times, more than any other Minneapolis Fed president since.

By 1981, the bank boasted the "second largest check processing operation in the Federal Reserve System" at its Minneapolis site.

The Minneapolis Fed had provided this service before, when the technology was less developed, starting with telegraph lines, but lost it to consolidation in 1995.

The current home of the Minneapolis Fed opened in 1997 with an eight-story office tower at the corner of Hennepin Ave. and First St North that connects via skyway and tunnel to the four-story operations center.

In 2001, it became one of two reserve banks to run FedACH, the Fed’s electronic funds transfer service used for direct payroll deposits and similar payments.

The Minneapolis Fed unplugged its check processing machines for the last time in 2010 and eliminated 300 jobs; some employees transferred to new jobs at the Bank, but others left.

2016 - | Neel Kashkari Title: President of the Federal Reserve Bank of MinneapolisNeel Kashkari began his term as president of the Federal Reserve Bank of Minneapolis on January 1, 2016.

In 2017, Kashkari initiated the Opportunity and Inclusive Growth Institute at the Bank after observing racial and economic disparities in the Ninth District.

In late 2020, the Minneapolis Fed was selected to host a support facility for FedWire®, which allows commercial banks to transfer large funds to each other; the New York Fed is the only other FedWire facility.

Over the years, Reserve Banks have seen their supervision responsibilities grow, including enforcement of consumer protection laws, approval of mergers and acquisitions, and examination of holding companies, which far outnumber state member banks. For example, as of 2021, there were 47 state member banks and 431 holding companies in the Ninth District.