Who We Are & What We Do

At the Richmond Fed, we’re driven by our public service mission to strengthen the economy and our communities across our region. We count ourselves lucky to have a presence in three vibrant cities — our headquarters in Richmond, Virginia, as well as offices in Baltimore, Maryland, and Charlotte, North Carolina.

Our team is more than 2,700 employees strong, and we bring integrity and passion to our work every day. We’re led by President Tom Barkin, First Vice President Becky Bareford, System Chief Information Officer Ghada Ijam and our management committee. We also have oversight from our Boards of Directors, which bring diverse perspectives and valuable information about local economic and workforce conditions from across our region.

Who We Are

We are the nation’s central bank, committed to promoting a sound financial system and a healthy economy. We are driven by our public service mission to strengthen the economy and our communities by fostering the stability, integrity and efficiency of our nation's monetary, financial and payments systems.

The Federal Reserve System includes 12 independent regional Reserve Banks across the U.S. and a national Board of Governors in Washington, D.C. The Richmond Fed is the home of the Federal Reserve’s Fifth District, serving the Carolinas, Maryland, Virginia, most of West Virginia and Washington, D.C., with branch locations in Baltimore, Maryland, and Charlotte, North Carolina.

What We Do

Established by Congress in 1913, the Federal Reserve promotes a healthy economy and financial stability in the following ways:

Setting Monetary Policy
We set the nation’s monetary policy to promote our economic goals of maximum employment, stable prices and moderate long-term interest rates.

Supervising and Regulating Individual Financial Institutions
We supervise and regulate financial institutions to help ensure the safety and soundness of individual institutions and monitor their impact on the financial system as a whole. The Federal Reserve also provides financial services to depository institutions, the U.S. government and foreign official institutions.

Promoting Stability of the U.S. Financial System
We promote financial system stability by monitoring financial system risks and engaging at home and abroad to support a healthy economy for U.S. households, communities and businesses.

Fostering a Safe, Efficient and Accessible Payments System
We help foster a safe, efficient and accessible payments system for U.S. dollar transactions and electronic fund transfers.

Promoting Consumer Protection and Community Development
We promote consumer protection and community development by engaging with individuals, as well as community and business leaders, to better understand local economic conditions, issues and the impacts of financial services policies and practices on consumers and communities. We also provide economic and financial education resources to support teachers, students and consumers.

How We Do It

We are nonpartisan and decentralized by design to conduct monetary policy that is in the long-run, best interest of the economy. The Federal Reserve is accountable to the American people through comprehensive audits and reviews as well as regular reports to Congress. We are open and transparent about our operations — publishing our balance sheets each week, releasing Federal Open Market Committee (FOMC) minutes after each meeting, and speaking frequently to the public and media.

To learn more about the Federal Reserve System, visit The Fed Explained.