Federal Reserve Bank of Minneapolis

The Federal Reserve Bank of Minneapolis is one of the 12 regional Reserve Banks that make up the Federal Reserve System of the United States. Established in 1914 under the Federal Reserve Act, it is responsible for the Ninth Federal Reserve District, a geographically large but comparatively lightly populated area comprising Minnesota, Montana, North Dakota, South Dakota, northwestern Wisconsin, and the Upper Peninsula of Michigan. The district is the third largest of the Federal Reserve districts by geographic area and includes a single branch, located in Helena, Montana. The Minneapolis Fed performs the core public functions assigned to regional Reserve Banks. These include contributing to the formulation of national monetary policy through its president's participation in the Federal Open Market Committee, supervising and regulating certain banking organizations, supporting the payments system, distributing economic and financial information, and serving as a source of research and analysis for policymakers and the public. Its work is not conducted as a conventional commercial banking business: the institution is part of the United States' central-banking structure and operates within the statutory and institutional framework of the Federal Reserve System. The bank has developed a particularly strong research profile. It maintains longstanding intellectual ties with the economics department of the University of Minnesota, and economist Edward Prescott, a Nobel laureate, was associated with both institutions for many years. The Minneapolis Fed publishes The Region, a magazine that presents articles on economic policy and interviews with economists and other public figures. Its research and public communications address monetary policy, banking, regional economic conditions, labor markets, and other issues relevant to the Ninth District and the national economy. The institution has employed more than 1,000 people and has been led since 2016 by Neel Kashkari, who succeeded Narayana Kocherlakota. As with the other regional Reserve Banks, governance includes directors representing member banks and the public, with different classes of directors selected through different Federal Reserve procedures. The bank's president is also an important participant in national monetary-policy discussions, while the institution's district responsibilities give it a regional perspective on economic conditions. The Minneapolis Fed has occupied three principal headquarters buildings in downtown Minneapolis. Its first headquarters, completed in 1915 at 510 Marquette Avenue, was designed by Cass Gilbert. The bank moved in 1973 to the building now known as Marquette Plaza, whose distinctive suspension-bridge form and later building problems contributed to a subsequent relocation. In 1997 it moved to its current Mississippi River complex at 90 Hennepin Avenue, an address chosen to correspond with the Ninth District designation. All three former or current headquarters structures remained standing and in use as of 2024, although the earlier buildings were repurposed after the bank left them. Today, the Federal Reserve Bank of Minneapolis combines regional central-bank operations, financial supervision, payments infrastructure, economic research, and public education. Its institutional identity is therefore defined less by consumer-facing products than by its statutory service to the Federal Reserve System and the communities, financial institutions, and public authorities within the Ninth District.

The Federal Reserve Bank of Minneapolis was created in 1914 as part of the regional structure established by the Federal Reserve Act. The Federal Reserve System divided the United States into districts, each served by a regional Reserve Bank. Minneapolis became the Reserve Bank city for the Ninth Federal Reserve District, whose territory covers Minnesota, Montana, North Dakota, South Dakota, northwestern Wisconsin, and Michigan's Upper Peninsula. The district is unusually large geographically but has the smallest population base among the Federal Reserve districts. The bank also operates one branch, in Helena, Montana. The Minneapolis institution's original headquarters was completed in 1915 at 510 Marquette Avenue in downtown Minneapolis. Designed by architect Cass Gilbert, the building had a monumental exterior with Roman-style granite columns and unusually limited street-level windows. During the 1950s, an eight-story addition was placed above the original structure, producing a visually contrasting combination of historic masonry and modern office construction. After the Federal Reserve moved elsewhere, the building was substantially remodeled for private office use. The renovation included changes to the former vault and the creation of a large artificially maintained interior garden. The property later became associated with National City Bank of Minneapolis, now part of BMO Bank, and was sold again in the twenty-first century. In 1973, the Minneapolis Fed moved two blocks to a structure later known as Marquette Plaza. The building used a distinctive suspension-bridge design, with cables spanning between end supports. Design difficulties and asbestos contamination eventually led the Reserve Bank to seek a different headquarters. After the bank left, the property was rehabilitated and expanded. It also temporarily housed the Minneapolis Public Library while a new library building was being constructed. The bank moved to its current headquarters in 1997. Designed by HOK, the complex stands along the Mississippi River near the Hennepin Avenue Bridge, on land associated with the former Minneapolis Great Northern Depot and a sawmill connected with T. B. Walker and George A. Camp. The address, 90 Hennepin Avenue, was selected to reflect the Ninth District identity. The three principal headquarters buildings used by the bank remain standing and in use as of 2024, although the earlier buildings have had different occupants and functions. Throughout its history, the Minneapolis Fed has combined operational responsibilities with economic research and public communication. Its president participates in national monetary-policy deliberations, while the institution's staff analyze economic developments within the Ninth District and the wider United States. The bank has maintained close ties with the University of Minnesota's economics department. Edward Prescott, a Nobel Prize-winning economist, was affiliated with both the university and the Reserve Bank for many years. The bank's publication The Region provides a public forum for policy articles, economic research, and interviews with economists. Leadership has included Narayana Kocherlakota, who served as president before 2016, and Neel Kashkari, who became president in that year. The bank's governance also includes a board of directors organized into classes representing member banks and the public. Over time, its institutional role has remained centered on the Federal Reserve's statutory objectives and operational responsibilities rather than on commercial branding or consumer products. Its continuing work encompasses monetary-policy participation, supervision of financial institutions, payments services, regional economic research, and public education.

• 2016

  Neel Kashkari became president

  [1]Federal Reserve Bank of Minneapolisen.wikipedia.org

  Neel Kashkari succeeded Narayana Kocherlakota as president of the Federal Reserve Bank of Minneapolis.

• 1997

  Move to the Mississippi River headquarters

  [1]Federal Reserve Bank of Minneapolisen.wikipedia.org

  The bank relocated to its current HOK-designed complex at 90 Hennepin Avenue in Minneapolis.

• 1973

  Move to Marquette Plaza

  [1]Federal Reserve Bank of Minneapolisen.wikipedia.org

  The Minneapolis Fed moved from its original Marquette Avenue building to a new headquarters later known as Marquette Plaza.

• 1915

  First Minneapolis headquarters completed

  [1]Federal Reserve Bank of Minneapolisen.wikipedia.org

  The bank's first headquarters, designed by Cass Gilbert, was completed at 510 Marquette Avenue in downtown Minneapolis.

• 1914

  Federal Reserve Bank of Minneapolis established

  [1]Federal Reserve Bank of Minneapolisen.wikipedia.org

  The institution was established as the Reserve Bank serving the Ninth Federal Reserve District under the Federal Reserve System created by the Federal Reserve Act.

A regional public-service institution within the United States central-banking system, combining Ninth District economic intelligence, monetary-policy participation, banking supervision, payments services, and research dissemination.

• Central banking · 1914

  Monetary policy

  The bank contributes regional economic analysis and leadership input to the Federal Reserve's national monetary-policy process. Its president participates in the Federal Open Market Committee, while staff research supports assessment of inflation, employment, economic activity, and financial conditions.

• Financial regulation · 1914

  Bank supervision and regulation

  The Minneapolis Fed supervises and regulates applicable banking organizations within the Ninth District as part of the Federal Reserve's responsibilities for a safe and sound financial system. This is an institutional service rather than a consumer-facing commercial product.

• Financial infrastructure · 1914

  Payments services

  As a regional Reserve Bank, the Minneapolis Fed supports payment and settlement functions within the Federal Reserve System. These services form part of the national financial infrastructure used by eligible financial institutions.

• Economic publication

  The Region

  The Region is the Minneapolis Fed's magazine and public research publication. It features discussions of economic policy, articles on research and regional conditions, and interviews with economists and other notable contributors.

• 1997

  Relocation to a new district headquartersStrategy

  Background

  The former Marquette Plaza headquarters had design difficulties and asbestos contamination, creating a need for a different facility.

  Action taken

  The Minneapolis Fed moved to a newly designed complex along the Mississippi River at 90 Hennepin Avenue.

  Aftermath

  The Mississippi River complex has served as the bank's headquarters since 1997, while the former building was rehabilitated and reused.

  Source

1. 1Federal Reserve Bank of Minneapolisen.wikipedia.org
2. 2Federal Reserve Bank of Minneapolis official websiteminneapolisfed.org