Federal Reserve Bank of Richmond

The Richmond Fed was organized in May 1914, after the completion of a process to select host cities for Reserve Banks. Following the enactment of the Federal Reserve Act in December 1913, nearly 40 cities competed to become a Federal Reserve location. George Seay, a prominent banker who would become the Richmond Fed’s first governor (president), spearheaded the effort to bring the Bank to Richmond. He and other supporters pointed to Richmond's geographic location, its importance as a commercial and financial center, and its transportation and communications facilities, as well as Virginia's leading regional role in the banking business.

The Richmond Fed serves the Fifth Federal Reserve District, which includes Maryland, North Carolina, South Carolina, Washington, D.C., and most of West Virginia. Learn more about the regional economy.

The Bank's headquarters has had three locations in downtown Richmond, starting in offices near the federal courts in 1914. In 1921, the Bank moved to a new headquarters building on the city's historic Capitol Square (where Governor Seay had a penchant for displaying his canary cages, as described by a visitor in 1954). The current headquarters building, overlooking the James River, opened in 1978. The Baltimore, Maryland, office opened in 1918 and the Charlotte, North Carolina, office opened in 1927. The Bank formerly had operations in Charleston, West Virginia; Columbia, South Carolina; and Culpeper, Virginia.

Since its founding, the Richmond Fed has had eight chief executives, starting with George Seay, who, in addition to campaigning for Richmond, played a key role in many early policy decisions. He served as governor from 1914 until 1936. Following Seay, the presidents of the Richmond Fed were Hugh Leach, Edward A. Wayne, Aubrey N. Heflin, Robert P. Black, J. Alfred Broaddus Jr. and Jeffrey M. Lacker. The Bank's current president is Tom Barkin, who took office in 2018.

The Richmond Fed also is the proud home of the Federal Reserve’s System IT organization — a nationwide team delivering technology solutions and support across the Federal Reserve System. These National IT employees are primarily located in Richmond, with others across the U.S. at other Federal Reserve Bank locations.

In addition to President Tom Barkin, the Richmond Fed’s 2,700 employees are led by First Vice President Becky Bareford, System Chief Information Officer Ghada Ijam and our management committee. Together, they set our direction and guide our strategic and operational goals. We also have oversight from our Board of Directors, which brings diverse perspectives and valuable information about local economic and workforce conditions from across our region.

We connect with people around our District in a variety of ways — from building relationships and partnerships with leaders and organizations in our communities, to making a difference through volunteerism. These connections help us see the big picture of what’s happening across our District, which informs monetary policy, our research and other community development initiatives, and in turn, helps us and the Federal Reserve System achieve its public service mission.

We also share our economic research, data and resources and educate about how the economy works through interactive exhibits, such as The Fed Experience in Richmond, financial literacy programs and training for teachers. Learn more at RichmondFed.org.

Written by Stacy Adams, Federal Reserve Bank of Richmond, September 2021. See disclaimer and update policy.