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152-525: Richmond ( / ˈ r ɪ tʃ m ə n d / RITCH -mənd ) is the capital city of the Commonwealth of Virginia in the United States. Incorporated in 1742, Richmond has been an independent city since 1871. The city's population in the 2020 census was 226,610, up from 204,214 in 2010, making it Virginia's fourth-most populous city . The Richmond metropolitan area , with over 1.3 million residents,
304-552: A "unique structure that is both public and private" and is described as " independent within the government " rather than " independent of government ". The System does not require public funding, and derives its authority and purpose from the Federal Reserve Act , which was passed by Congress in 1913 and is subject to Congressional modification or repeal. The four main components of the Federal Reserve System are (1)
456-624: A Nobel Prize-winning economist, withdrew his nomination to the board in June [2011] in the face of Republican opposition. Richard Clarida , a potential nominee who was a Treasury official under George W. Bush , pulled out of consideration in August [2011]", one account of the December nominations noted. The two other Obama nominees in 2011, Janet Yellen and Sarah Bloom Raskin , were confirmed in September. One of
608-417: A capital that serves as the seat of its government . Ten of the thirteen original states and 15 other states have changed their capital city at least once; the last state to move its capital city was Oklahoma in 1910. In the following table, the "Since" column shows the year that the city began serving as the state's capital (or the capital of the entities that preceded it). The MSA/μSA and CSA columns display
760-500: A check-clearing system was created in the Federal Reserve System. It is briefly described in The Federal Reserve System—;Purposes and Functions as follows: By creating the Federal Reserve System, Congress intended to eliminate the severe financial crises that had periodically swept the nation, especially the sort of financial panic that occurred in 1907. During that episode, payments were disrupted throughout
912-532: A depository institution's large corporate customers or counterparties, including other financial institutions. The Reserve Banks' wholesale services include electronically transferring funds through the Fedwire Funds Service and transferring securities issued by the U.S. government, its agencies, and certain other entities through the Fedwire Securities Service. The Federal Reserve System has
1064-567: A depository institution's retail clients—individuals and smaller businesses. The Reserve Banks' retail services include distributing currency and coin, collecting checks, electronically transferring funds through FedACH (the Federal Reserve's automated clearing house system), and beginning in 2023, facilitating instant payments using the FedNow service. By contrast, wholesale payments are generally for large-dollar amounts and often involve
1216-645: A foreign central bank or government or non-private international financing organization; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; or (4) a part of a discussion or communication among or between members of the board of governors and officers and employees of the Federal Reserve System related to items (1), (2), or (3). See Federal Reserve System Audits: Restrictions on GAO's Access (GAO/T-GGD-94-44), statement of Charles A. Bowsher. The board of governors in
1368-645: A general advance. When the Union Sixth Corps broke through Confederate lines on the Boydton Plank Road south of Petersburg, Confederate casualties exceeded 5,000, about a tenth of Lee's defending army. Lee then informed President Jefferson Davis that he intended to evacuate Richmond. On April 2, 1865, the Confederate Army began Richmond's evacuation. Confederate President Davis and his cabinet, Confederate government archives, and its treasury's gold, left
1520-455: A general retreat southwestward, and General Lee continued to reject General Grant's surrender entreaties until Sheridan's infantry and cavalry encircled the shrinking Army of Northern Virginia and cut off its ability to retreat further on April 8. Lee surrendered his remaining approximately 10,000 troops the following morning at Appomattox Court House , meeting Grant at the McLean Home. Davis
1672-619: A major railroad crossroads, showcasing the world's first triple railroad crossing. Tobacco warehousing and processing continued to play a central economic role, advanced by the world's first cigarette-rolling machine that James Albert Bonsack of Roanoke invented between 1880 and 1881. Another important contributor to Richmond's resurgence was the Richmond Union Passenger Railway , a trolley system developed by electric power pioneer Frank J. Sprague . The system opened its first Richmond line in 1888, using an overhead wire and
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#17330939532141824-468: A month before it disbanded itself to join the advancing American army; its claimed territory later became part of the United States as a result of the Mexican Cession . The very short-lived California Republic was never recognized by the United States, Mexico or any other nation. The flag, featuring a silhouette of a California grizzly bear , a star, and the words "California Republic", became known as
1976-459: A more centralized location for Virginia's increasing western population and theoretically isolating the capital from a British attack from the coast. In 1781, Loyalist troops led by Benedict Arnold led a raid on Richmond and burnt it, leading Governor Thomas Jefferson to flee while the Virginia militia , led by Sampson Mathews , unsuccessfully defended the city. Richmond recovered quickly from
2128-474: A multimillion-dollar flood wall was completed, protecting the city's low-lying areas from the oft-rising James River. Consequently, the River District businesses grew rapidly, bolstered by the creation of a Canal Walk along the city's former industrial canals. Today the area is home to much of Richmond's entertainment, dining, and nightlife activity. In 1996, racial tensions grew amid controversy about adding
2280-691: A number of skirmishes with Confederate troops. By the spring of 1864 the Jones County rebels had taken effective control of the county from the Confederate government, raised an American flag over the courthouse in Ellisville, and sent a letter to Union General William T. Sherman declaring Jones County's independence from the Confederacy. Scholars have disputed whether the county truly seceded, with some concluding it did not fully secede. Lack of documentation makes
2432-640: A railroad hub, and one of the largest slave markets. It also had the largest Confederate arms factory, the Tredegar Iron Works . The factory produced artillery and other munitions, including heavy ordnance machinery and the 723 tons of armor plating that covered the CSS Virginia , the world's first ironclad ship used in war. The Confederate States Congress shared quarters in the Jefferson-designed Virginia State Capitol with
2584-610: A role in the U.S. payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks, electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic payments; and issuing, transferring, and redeeming U.S. government securities. In
2736-479: A second term." Allan R. Landon , former president and CEO of the Bank of Hawaii , was nominated in early 2015 by President Obama to the board. In July 2015, President Obama nominated University of Michigan economist Kathryn M. Dominguez to fill the second vacancy on the board. The Senate had not yet acted on Landon's confirmation by the time of the second nomination. Daniel Tarullo submitted his resignation from
2888-726: A separated tract, purchased later with the help of Confederate Colonel William Holland Thomas , along the Oconaluftee River deep in the Smoky Mountains of North Carolina. Some Cherokees fleeing the Federal Army, sent for the "round up", fled to the remote settlements separated from the rest of the Cherokee Territory in Georgia and North Carolina, in order to remain in their homeland. In the 20th century, their descendants organized as
3040-492: A state, but the capital cities of their respective preceding colonies, territories, kingdoms, and republics typically changed multiple times. There have also been other governments within the current borders of the United States with their own capitals, such as the Republic of Texas , Native American nations, and other unrecognized governments. The buildings in cities identified in the chart below served either as official capitals of
3192-533: A structure unique among central banks, and is also unusual in that the United States Department of the Treasury , an entity outside of the central bank, prints the currency used. The federal government sets the salaries of the board's seven governors, and it receives all the system's annual profits after dividends on member banks' capital investments are paid, and an account surplus is maintained. In 2015,
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#17330939532143344-492: A suburban character as part of Chesterfield County before being annexed by Richmond, most notably in 1970. Richmond has a humid subtropical ( Köppen : Cfa ) or oceanic ( Trewartha : Do ) climate, with hot, humid summers and moderately cold winters. The mountains to the west act as a partial barrier to outbreaks of cold, continental air in winter. Arctic air is delayed long enough to be modified and further warmed as it subsides in its approach to Richmond. The open waters of
3496-446: A trolley pole to connect to the current and electric motors on the car's trucks. The success led to electric streetcar lines rapidly spreading to other cities. A post-World War II transition to buses from streetcars began in May 1947 and was completed on November 25, 1949. By the beginning of the 20th century, the city's population had reached 85,050 in 5 sq mi (13 km), making it
3648-716: A year in telephone consultations and other meetings are held when needed. There is very strong consensus among economists against politicising the FOMC. The Federal Advisory Council, composed of twelve representatives of the banking industry, advises the board on all matters within its jurisdiction. There are 12 Federal Reserve Banks, each of which is responsible for member banks located in its district. They are located in Boston , New York , Philadelphia , Cleveland , Richmond , Atlanta , Chicago , St. Louis , Minneapolis , Kansas City , Dallas , and San Francisco . The size of each district
3800-496: Is 11 °F (−12 °C), set on February 11 and 12, 1899 . The record warm minimum is 81 °F (27 °C), set on July 12, 2011. The warmest months recorded were July 2020 and August 1900, both averaging 82.9°F (28.3 °C). The coldest, January 1940, averaged 24.2 °F (-4.3 °C). Precipitation is rather uniformly distributed throughout the year. Dry periods lasting several weeks sometimes occur, especially in autumn, when long periods of pleasant, mild weather are most common. There
3952-404: Is called fractional-reserve banking . As a result, banks usually invest the majority of the funds received from depositors. On rare occasions, too many of the bank's customers will withdraw their savings and the bank will need help from another institution to continue operating; this is called a bank run . Bank runs can lead to a multitude of social and economic problems. The Federal Reserve System
4104-558: Is composed of several layers. It is governed by the presidentially-appointed board of governors or Federal Reserve Board (FRB). Twelve regional Federal Reserve Banks , located in cities throughout the nation, regulate and oversee privately owned commercial banks. Nationally chartered commercial banks are required to hold stock in, and can elect some board members of, the Federal Reserve Bank of their region. The Federal Open Market Committee (FOMC) sets monetary policy by adjusting
4256-694: Is considerable variability in total monthly precipitation amounts from year to year, so no one month can be depended to be normal. Snow has been recorded during seven of the 12 months. Falls of 4 in (10 cm) or more within 24 hours occur once a year on average. Annual snowfall is usually moderate, averaging 10.5 in (27 cm) per season. Snow typically remains on the ground for only one or two days, but it remained for 16 days in 2010 (January 30 to February 14). Ice storms (freezing rain or glaze) are not uncommon, but they are seldom severe enough to cause considerable damage. The James River reaches tidewater at Richmond, where flooding may occur in any month of
4408-655: Is home to the U.S. Court of Appeals for the 4th Circuit and a Federal Reserve Bank (one of 13 such courts and one of 12 such banks ). After the first permanent English-speaking settlement was established at Jamestown, Virginia , in April 1607, Captain Christopher Newport led explorers northwest up the James River to an inhabited area in the Powhatan Nation. Richmond was Arrohattoc territory where Arrohateck village
4560-558: Is nominated by their Bank's board of directors, but the nomination is contingent upon approval by the board of governors. Presidents serve five-year terms and may be reappointed. Each regional Bank's board consists of nine members. Members are broken down into three classes: A, B, and C. There are three board members in each class. Class A members are chosen by the regional Bank's shareholders, and are intended to represent member banks' interests. Member banks are divided into three categories: large, medium, and small. Each category elects one of
4712-493: Is surrounded by Henrico County , which has a population of about 334,000. The Greater Richmond region has an estimated population of about 1.3 million. As of the 2010 United States census , there were 204,214 people living in the city. 50.6% were Black or African American , 40.8% White , 2.3% Asian , 0.3% Native American , 0.1% Pacific Islander , 3.6% of some other race and 2.3% of two or more races . 6.3% were Hispanic or Latino (of any race). List of capitals in
Richmond, Virginia - Misplaced Pages Continue
4864-613: Is the Commonwealth's third-most populous . Richmond is located at the James River's fall line , 44 mi (71 km) west of Williamsburg , 66 mi (106 km) east of Charlottesville , 91 mi (146 km) east of Lynchburg and 92 mi (148 km) south of Washington, D.C. Surrounded by Henrico and Chesterfield counties, Richmond is at the intersection of Interstate 95 and Interstate 64 and encircled by Interstate 295 , Virginia State Route 150 and Virginia State Route 288 . Major suburbs include Midlothian to
5016-724: Is the city's traditional hub of African American commerce and culture, once known as the "Black Wall Street of America" and the "Harlem of the South." At the beginning of the 20th century, Richmond had one of the world's first successful electric streetcar systems. Law, finance, and government primarily drive Richmond's economy. The downtown area is home to federal, state, and local governmental agencies as well as notable legal and banking firms. The greater metropolitan area includes several Fortune 500 companies: Performance Food Group , Altria , CarMax , Dominion Energy , Markel , Owens and Minor , Genworth Financial , and ARKO Corp . The city
5168-582: Is to have a mechanism for private banks to lend funds to one another. This market for funds plays an important role in the Federal Reserve System as it is the basis for its monetary policy work. Monetary policy is put into effect partly by influencing how much interest the private banks charge each other for the lending of these funds. Federal reserve accounts contain federal reserve credit, which can be converted into federal reserve notes . Private banks maintain their bank reserves in federal reserve accounts. The Federal Reserve regulates private banks. The system
5320-706: The 6th United States Congress formally convened in Washington, D.C. Congress has met outside of Washington only twice since: on July 16, 1987, at Independence Hall in Philadelphia, to commemorate the 200th anniversary of ratification of the Constitution; and at Federal Hall National Memorial in New York on September 6, 2002, to mark the first anniversary of the September 11 attacks . Both meetings were ceremonial. Each state has
5472-655: The Bear Flag and was later the basis for the official state flag of California. There was one de facto capital of the California Republic: The Confederate States of America (C.S.A.) had two capitals during its existence. The first capital was established February 4, 1861, in Montgomery , Alabama, and remained there until it was moved to Richmond , Virginia, on May 29, 1861, after Virginia seceded on May 23. The individual state capitals remained
5624-694: The Blue Ridge Mountains . Significant bodies of water in the region include the James River , the Appomattox River , and the Chickahominy River . The Richmond-Petersburg Metropolitan Statistical Area (MSA), the 44th largest in the United States, includes the independent cities of Richmond, Colonial Heights , Hopewell , and Petersburg , and the counties of Charles City , Chesterfield , Dinwiddie , Goochland , Hanover , Henrico , New Kent , Powhatan , and Prince George . On July 1, 2009,
5776-590: The Chesapeake Bay and Atlantic Ocean contribute to the humid summers and cool winters. The coldest weather normally occurs from late December to early February, and the January daily mean temperature is 37.9 °F (3.3 °C), with an average of 6.0 days with highs at or below the freezing mark. Richmond's Downtown and areas south and east of downtown are in USDA Hardiness zones 7b. Surrounding suburbs and areas to
5928-748: The Colony and Dominion of Virginia in 1780. During the Revolutionary War period, several notable events occurred in the city, including Patrick Henry 's " Give me liberty, or give me death! " speech in 1775 at St. John's Church and the passage of the Virginia Statute for Religious Freedom written by Thomas Jefferson . During the American Civil War , Richmond was the capital of the Confederate States of America . The Jackson Ward neighborhood
6080-813: The Creeks to cede over 3,000,000-acre (1,200,000 ha) - half of their land in what is now Arkansas. Served as the National capital after the American Civil War. It was probably named after Ocmulgee , on the Ocmulgee river in Macon , a principle Coosa and later Creek town built with mounds and functioning as part of the Southeastern ceremonial complex . However, there were other traditional Creek "mother-towns" before removal. The Ocmulgee mounds were ceded illegally in 1821 with
6232-653: The Depository Institutions Deregulation and Monetary Control Act of 1980, Congress reaffirmed that the Federal Reserve should promote an efficient nationwide payments system. The act subjects all depository institutions, not just member commercial banks, to reserve requirements and grants them equal access to Reserve Bank payment services. The Federal Reserve plays a role in the nation's retail and wholesale payments systems by providing financial services to depository institutions. Retail payments are generally for relatively small-dollar amounts and often involve
Richmond, Virginia - Misplaced Pages Continue
6384-666: The Eastern Band of Cherokee Indians ; its capital is at Cherokee, North Carolina , in the tribally-controlled Qualla Boundary . After Removal from their Alabama-Georgia homeland, the Creek national government met near Hot Springs which was then part of their new territory as prescribed in the Treaty of Cusseta. Because some Creeks fought with the Confederacy in the American Civil War , the Union forced
6536-632: The Federal Reserve , or simply the Fed ) is the central banking system of the United States . It was created on December 23, 1913, with the enactment of the Federal Reserve Act , after a series of financial panics (particularly the panic of 1907 ) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in
6688-512: The Fiscal Year 2020, the Bureau of Engraving and Printing delivered 57.95 billion notes at an average cost of 7.4 cents per note. Federal funds are the reserve balances (also called Federal Reserve Deposits ) that private banks keep at their local Federal Reserve Bank. These balances are the namesake reserves of the Federal Reserve System. The purpose of keeping funds at a Federal Reserve Bank
6840-599: The Five Civilized Tribes , organized their states with constitutions and capitals in Western style. Others, like the Iroquois, had long-standing, pre-Columbian traditions of a 'capitol' longhouse where wampum and council fires were maintained with special status. Since they did business with the U.S. Federal Government, these capitals can be seen as officially recognized in some sense. New Echota, now near Calhoun , Georgia ,
6992-522: The Louisiana Purchase of 1803. Within two months of the settlers' rebellion and the declaration of an independent nation, President James Madison sent American forces to peaceably occupy the new republic. It was formally annexed by the United States in 1812 over the objections of Spain and the land was divided between the Territory of Orleans and Territory of Mississippi . During its brief existence,
7144-523: The President of the United States and has regular meetings with the Secretary of the Treasury . The Chair has formal responsibilities in the international arena as well. The board of directors of each Federal Reserve Bank District also has regulatory and supervisory responsibilities. If the board of directors of a district bank has judged that a member bank is performing or behaving poorly, it will report this to
7296-649: The River Thames . In 1742, the settlement was incorporated as a town. In 1775, Patrick Henry delivered his famous " Give me liberty, or give me death " speech in Richmond's St. John's Church , greatly influencing Virginia's participation in the First Continental Congress and the course of the American Revolution . On April 18, 1780, the state capital was moved from Williamsburg to Richmond, providing
7448-588: The Southeastern ceremonial complex . Complete with the Council House, Supreme Court, Cherokee syllabary printing press, and the houses of several of the Nation's constitutional officers, New Echota served as the capital until 1832 when the state of Georgia outlawed Native American assembly in an attempt to undermine the Nation. Thousands of Cherokee would gather in New Echota for the annual National Councils, camping along
7600-441: The Treaty of Indian Springs . The Iroquois Confederacy or Haudenosaunee , which means "People of the Longhouse", was an alliance between the Five and later Six-Nations of Iroquoian language and culture of upstate New York . These include the Seneca , Cayuga , Onondaga , Oneida , Mohawk , and, after 1722, the Tuscarora Nations. Since the Confederacy's formation around 1450, the Onondaga Nation has held privilege of hosting
7752-423: The United States Census Bureau , the city has a total area of 62 sq mi (160 km), of which 60 sq mi (160 km) is land and 2.7 sq mi (7.0 km) (4.3%) is water. The city is in the Piedmont region of Virginia , at the James River's highest navigable point. The Piedmont region is characterized by relatively low, rolling hills, and lies between the low, flat Tidewater region and
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#17330939532147904-401: The Virginia General Assembly . The Confederacy's executive mansion, known as the " White House of the Confederacy ," was two blocks away on Clay Street. Located about 100 mi (160 km) from the national capital in Washington, D.C. , Richmond was at the end of a long supply line and difficult to defend. For four years, its defense required the bulk of the Army of Northern Virginia and
8056-521: The Virginia Historical Society and the Virginia Museum of Fine Arts . South of the Downtown Expressway are Byrd Park , Maymont , Hollywood Cemetery , the predominantly black working-class Randolph neighborhood, and white working-class Oregon Hill . Cary Street between Interstate 195 and the Boulevard is a popular commercial area called Carytown . Richmond's Northside is home to numerous listed historic districts. Neighborhoods such as Chestnut Hill-Plateau and Barton Heights began to be developed at
8208-431: The War of 1812 , during the American Civil War in many Confederate states , and during the Pueblo Revolt of 1680–1692 in New Mexico . Twenty-two state capitals have been a capital longer than their state has been a state, since they served as the capital of a predecessor territory, colony, or republic. Boston , Massachusetts , has been a capital city since 1630; it is the oldest continuously running capital in
8360-447: The 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over
8512-418: The 25th Corps of the United States Colored Troops , accepted Richmond's surrender from the mayor and a group of leading citizens who did not evacuate. Union troops eventually contained the fires, but about 25% of the city's buildings were destroyed. On April 3, President Abraham Lincoln visited Grant at Petersburg and took a launch up the James River to Richmond on April 4. While Davis attempted to organize
8664-462: The Board of Governors are in continual contact with other policy makers in government. They frequently testify before congressional committees on the economy, monetary policy , banking supervision and regulation , consumer credit protection , financial markets , and other matters. The Board has regular contact with members of the President's Council of Economic Advisers and other key economic officials. The Chair also meets from time to time with
8816-429: The Carver and Newtowne West neighborhoods are demographically similar to neighboring Jackson Ward .Carver has seen some gentrification due to its proximity to VCU. The affluent area between the Boulevard , Main Street, Broad Street, and VCU, known as the Fan , is home to Monument Avenue , an outstanding collection of Victorian architecture , and many students. West of the Boulevard is the Museum District, which contains
8968-437: The Confederacy's best troops and commanders. The Union army made Richmond a main target in the campaigns of 1862 and 1864–65. In late June and early July 1862, Union General-in-Chief George B. McClellan threatened but failed to take Richmond in the Seven Days Battles of the Peninsula campaign . Three years later, Richmond became indefensible in March 1865 after nearby Petersburg fell and several remaining rail supply lines to
9120-401: The Confederate attack on Fort Sumter , the Virginia legislature voted to secede from the United States and join the newly created Confederate States of America on April 17, 1861. The action became official in May, after the Confederacy promised to move its national capital to Richmond from Montgomery, Alabama . Richmond held local, state and national Confederate government offices, hospitals,
9272-564: The Confederate government in Danville , Lincoln met Confederate Assistant Secretary of War John A. Campbell , handing him a note inviting Virginia's state legislature to end their rebellion. After Campbell spun the note to Confederate legislators as a possible end to the Emancipation Proclamation , Lincoln rescinded his offer and ordered General Weitzel to prevent the state legislature from meeting. On April 6, Union forces killed, wounded, or captured 8,000 Confederate troops at Sayler's Creek , southwest of Petersburg. The Confederate Army continued
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#17330939532149424-444: The FOMC vote on policy decisions. The FOMC determines its own internal organization and, by tradition, elects the chair of the board of governors as its chair and the president of the Federal Reserve Bank of New York as its vice chair. Formal meetings typically are held eight times each year in Washington, D.C. Nonvoting Reserve Bank presidents also participate in Committee deliberations and discussion. The FOMC generally meets eight times
9576-447: The Fed charges banks for these loans is called the discount rate (officially the primary credit rate). By making these loans, the Fed serves as a buffer against unexpected day-to-day fluctuations in reserve demand and supply. This contributes to the effective functioning of the banking system, alleviates pressure in the reserves market and reduces the extent of unexpected movements in the interest rates. For example, on September 16, 2008,
9728-468: The Fed processes a variety of financial transactions involving trillions of dollars. Just as an individual might keep an account at a bank, the U.S. Treasury keeps a checking account with the Federal Reserve, through which incoming federal tax deposits and outgoing government payments are handled. As part of this service relationship, the Fed sells and redeems U.S. government securities such as savings bonds and Treasury bills, notes and bonds. It also issues
9880-441: The Federal Reserve Act in 1913. Today the Federal Reserve System has responsibilities in addition to stabilizing the financial system. Current functions of the Federal Reserve System include: Banking institutions in the United States are required to hold reserves—amounts of currency and deposits in other banks—equal to only a fraction of the amount of the bank's deposit liabilities owed to customers. This practice
10032-614: The Federal Reserve Banks as tax-exempt federally created instrumentalities whose profits belong to the federal government, but this interest is not proprietary. In Lewis v. United States , the United States Court of Appeals for the Ninth Circuit stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the Federal Tort Claims Act ], but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some purposes." Another relevant decision
10184-416: The Federal Reserve Board authorized an $ 85 billion loan to stave off the bankruptcy of international insurance giant American International Group (AIG). In its role as the central bank of the United States, the Fed serves as a banker's bank and as the government's bank. As the banker's bank, it helps to assure the safety and efficiency of the payments system. As the government's bank or fiscal agent,
10336-427: The Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing consumer credit protection , such as the Truth in Lending , Equal Credit Opportunity , and Home Mortgage Disclosure Acts . Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks. Members of
10488-463: The Federal Reserve System has a number of supervisory and regulatory responsibilities in the U.S. banking system, but not complete responsibility. A general description of the types of regulation and supervision involved in the U.S. banking system is given by the Federal Reserve: The Board also plays a major role in the supervision and regulation of the U.S. banking system. It has supervisory responsibilities for state-chartered banks that are members of
10640-475: The Federal Reserve System was to address banking panics . Other purposes are stated in the Federal Reserve Act , such as "to furnish an elastic currency, to afford means of rediscounting commercial paper , to establish a more effective supervision of banking in the United States, and for other purposes". Before the founding of the Federal Reserve System, the United States underwent several financial crises. A particularly severe crisis in 1907 led Congress to enact
10792-467: The Federal Reserve System, bank holding companies (companies that control banks), the foreign activities of member banks, the U.S. activities of foreign banks, and Edge Act and "agreement corporations" (limited-purpose institutions that engage in a foreign banking business). The Board and, under delegated authority, the Federal Reserve Banks, supervise approximately 900 state member banks and 5,000 bank holding companies. Other federal agencies also serve as
10944-716: The Federal Reserve banks may be audited by the Government Accountability Office (GAO). The GAO has authority to audit check-processing, currency storage and shipments, and some regulatory and bank examination functions–though there are restrictions to what the GAO may audit. Under the Federal Banking Agency Audit Act, 31 U.S.C. section 714(b), audits of the Federal Reserve Board and Federal Reserve banks do not include (1) transactions for or with
11096-406: The Federal Reserve earned a net income of $ 100.2 billion and transferred $ 97.7 billion to the U.S. Treasury, and 2020 earnings were approximately $ 88.6 billion with remittances to the U.S. Treasury of $ 86.9 billion. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by
11248-440: The Federal Reserve in foreign exchange markets. The FOMC must reach consensus on all decisions. The president of the Federal Reserve Bank of New York is a permanent member of the FOMC; the presidents of the other banks rotate membership at two- and three-year intervals. All Regional Reserve Bank presidents contribute to the committee's assessment of the economy and of policy options, but only the five presidents who are then members of
11400-646: The General Assembly, that the only true pronunciation of the name of the state, in the opinion of this body, is that received by the French from the Native Americans and committed to writing in the French word representing the sound. It should be pronounced in three (3) syllables, with the final "s" silent, the "a" in each syllable with the Italian sound, and the accent on the first and last syllables. The pronunciation with
11552-826: The Iroquois Grand Council and the status of Keepers of the Fire and the Wampum —which they still do at the official Longhouse on the Onondaga Reservation. Now spread over reservations in New York and Ontario , the Six Nations of the Haudenosaunee preserve this arrangement to this day in what they claim to be the "world's oldest representative democracy." The Seneca Nation republic was founded in 1848 and has two capitals that rotate responsibilities every two years. Jimerson Town
11704-638: The North. Nonetheless, the James Falls area saw more White settlement in the late 1600s and early 1700s. In early 1737, planter William Byrd II commissioned Major William Mayo to lay out the original town grid, completed in April. Byrd named the city after the English town of Richmond near (and now part of) London, because the view of the James River's bend at the fall line reminded him of his home at Richmond Hill on
11856-440: The Richmond area. Downtown Richmond averages 84 days of nighttime frost annually. Nighttime frost is more common in areas north and west of Downtown and less common south and east of downtown. From 1981 to 2010, the average first temperature at or below freezing was on October 30 and the average last one on April 10. See or edit raw graph data . Richmond's population is approximately 226,000. As an independent city, Richmond
12008-542: The Richmond—Petersburg MSA 's population was 1,258,251. Richmond is located 21.69 mi (34.91 km) north of Petersburg, Virginia , 66.1 mi (106.4 km) southeast of Charlottesville, Virginia , 79.24 mi (127.52 km) northwest of Norfolk, Virginia , 96.87 mi (155.90 km) south of Washington, D.C. , and 138.72 mi (223.25 km) northeast of Raleigh, North Carolina . Richmond's original street grid, laid out in 1737, included
12160-566: The South and the country. By 1850, Richmond was connected by the Richmond and Petersburg Railroad to Port Walthall , where ships carrying over 200 tons of cargo could connect to Baltimore or Philadelphia . Passenger liners could reach Norfolk, Virginia , through the Hampton Roads harbor. In the 19th century, Richmond was connected to the North by the Richmond, Fredericksburg, and Potomac Railroad , later replaced by CSXT . The railroad also
12312-575: The U.S. banking system in general. Governors are appointed by the president of the United States and confirmed by the Senate for staggered 14-year terms. One term begins every two years, on February 1 of even-numbered years, and members serving a full term cannot be renominated for a second term. "[U]pon the expiration of their terms of office, members of the Board shall continue to serve until their successors are appointed and have qualified." The law provides for
12464-525: The United States Population This is a list of capital cities of the United States , including places that serve or have served as federal, state, insular area, territorial, colonial and Native American capitals. Washington, D.C. has been the federal capital of the United States since 1800. Each U.S. state has its own capital city, as do many of its insular areas . Most states have not changed their capital city since becoming
12616-404: The United States in 1898, Honolulu remained the capital, first of the Territory of Hawaii ( 1900 –1959), and then of the state ( since 1959 ). During its history as a sovereign nation ( Republic of Texas , 1836–1845), seven sites served as the capital of Texas: Annexed by the United States in 1845, Austin remains the capital of the state of Texas. Some Native American tribes, in particular
12768-738: The United States under the United States Constitution , or, prior to its ratification, sites where the Second Continental Congress or Congress of the Confederation met. The United States did not have a permanent capital under the Articles of Confederation . The U.S. Constitution was ratified in 1787, and gave the Congress the power to exercise "exclusive legislation" over a district that "may, by Cession of particular States, and
12920-571: The United States which were never officially recognized as legally independent sovereign entities; however, these nations did have de facto control over their respective regions during their existence. Prior to the independence of the United States from Great Britain , declared July 4, 1776 in the Declaration of Independence and ultimately secured in the American Revolutionary War , several congresses were convened on behalf of some of
13072-749: The United States, the Federal Reserve serves as the lender of last resort to those institutions that cannot obtain credit elsewhere and the collapse of which would have serious implications for the economy. It took over this role from the private sector "clearing houses" which operated during the Free Banking Era ; whether public or private, the availability of liquidity was intended to prevent bank runs. Through its discount window and credit operations, Reserve Banks provide liquidity to banks to meet short-term needs stemming from seasonal fluctuations in deposits or unexpected withdrawals. Longer-term liquidity may also be provided in exceptional circumstances. The rate
13224-414: The United States. Santa Fe, New Mexico , is the oldest capital city, having become capital in 1610 and interrupted only by the aforementioned Pueblo Revolt. An even older Spanish city, St. Augustine, Florida , served as a colonial capital from 1565 until about 1820, more than 250 years. The table below includes the following information: Whereas, confusion of practice has arisen in the pronunciation of
13376-550: The accent on the second syllable with the sound of "a" in "man" and the sounding of the terminal "s" is an innovation to be discouraged. Citizens of the State of Kansas often pronounce the Arkansas River / ɑːr ˈ k æ n z ə s / in a manner similar to the common pronunciation of the name of their state. Nation: States: Territories: Federal Reserve System The Federal Reserve System (often shortened to
13528-693: The acceptance of Congress , become the Seat of the Government of the United States." The 1st Congress met at Federal Hall in New York . In 1790, it passed the Residence Act , which established the national capital at a site along the Potomac River that would become Washington, D.C. For the next ten years, Philadelphia served as the temporary capital. There, Congress met at Congress Hall . On November 17, 1800,
13680-499: The affluent and middle-class suburban Westover Hills, Forest Hill, Southampton, Stratford Hills, Oxford, Huguenot Hills, Hobby Hill, and Woodland Heights to the impoverished Manchester and Blackwell areas, the Hillside Court housing projects, and the ailing Jefferson Davis Highway commercial corridor. Other Southside neighborhoods include Fawnbrook, Broad Rock, Cherry Gardens, Cullenwood, and Beaufont Hills. Much of Southside developed
13832-459: The area between what are now Broad, 17th, and 25th Streets and the James River. Modern Downtown Richmond is slightly farther west, on the slopes of Shockoe Hill. Nearby neighborhoods include Shockoe Bottom , the historically significant and low-lying area between Shockoe Hill and Church Hill , and Monroe Ward, which contains the Jefferson Hotel . Richmond's East End includes neighborhoods like
13984-637: The areas around the Regency Mall. More affluent areas include Glen Allen, Short Pump, and the areas of Tuckahoe away from Regency Mall, all north and northwest of the city. The University of Richmond and the Country Club of Virginia are located on this side of town near the Richmond-Henrico border. The portion of the city south of the James River is known as the Southside. Southside neighborhoods range from
14136-399: The banking business, opposed a central bank structure directed by political appointees. The legislation that Congress ultimately adopted in 1913 reflected a hard-fought battle to balance these two competing views and created the hybrid public-private, centralized-decentralized structure that we have today. The balance between private interests and government can also be seen in the structure of
14288-608: The board of governors expire. The current members of the board of governors are: In late December 2011, President Barack Obama nominated Jeremy C. Stein , a Harvard University finance professor and a Democrat , and Jerome Powell , formerly of Dillon Read , Bankers Trust and The Carlyle Group and a Republican . Both candidates also have Treasury Department experience in the Obama and George H. W. Bush administrations respectively. "Obama administration officials [had] regrouped to identify Fed candidates after Peter Diamond ,
14440-430: The board of governors, (2) the Federal Open Market Committee, (3) the twelve regional Federal Reserve Banks, and (4) the member banks throughout the country. The seven-member board of governors is a large federal agency that functions in business oversight by examining national banks. It is charged with the overseeing of the 12 District Reserve Banks and setting national monetary policy. It also supervises and regulates
14592-401: The board of governors. This policy is described in law: Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with
14744-545: The board on February 10, 2017, effective on or around April 5, 2017. The Federal Open Market Committee (FOMC) consists of 12 members, seven from the board of governors and 5 of the regional Federal Reserve Bank presidents. The FOMC oversees and sets policy on open market operations , the principal tool of national monetary policy. These operations affect the amount of Federal Reserve balances available to depository institutions, thereby influencing overall monetary and credit conditions. The FOMC also directs operations undertaken by
14896-700: The boundaries of the St. Michaels Chapter, adjacent to the Arizona and New Mexico state line. Window Rock hosts the Navajo Nation governmental campus which contains the Navajo Nation Council, Navajo Nation Supreme Court, the offices of the Navajo Nation President and Vice President, and many Navajo government buildings. There have been a handful of self-declared or undeclared nations within the current borders of
15048-619: The capital of the Republic of West Florida was: The Republic of Indian Stream was an unrecognized independent nation within the present state of New Hampshire . Before being annexed by the United States in 1848 (following the Mexican–American War ), a small portion of north-central California declared itself the California Republic , in an act of independence from Mexico, in 1846 (see Bear Flag Revolt ). The republic only existed
15200-611: The capitol until 1907, when the Dawes Act finally dissolved the Cherokee Nation and Tahlequah became the county seat of Cherokee County, Oklahoma . The Cherokee National government was re-established in 1938 and Tahlequah remains the capital of the modern Cherokee Nation ; it is also the capital of the United Keetoowah Band of Cherokee Indians . Approximately four to eight hundred Cherokees escaped removal because they lived on
15352-577: The city itself had declined to less than 200,000. On November 2, 2004, former Virginia governor L. Douglas Wilder was elected as the city's first directly elected mayor in over 60 years. Most of the statues honoring Confederate leaders such as the Robert E. Lee monument on Monument Avenue were removed during or after the George Floyd protests on June 2020 following the killing of George Floyd by Minneapolis police officer Derek M. Chauvin . The city removed
15504-415: The city that night by train. Confederate officials burned documents and troops burned tobacco and other warehouses to deny the Union any spoils. In the early morning of April 3, Confederate troops exploded the city's gunpowder magazine, killing several paupers in a temporary Almshouse and a man on 2nd St. The concussion shattered windows all over the city. Later that day, General Godfrey Weitzel , commander of
15656-404: The colonies of British America . However, these bodies did not address the question of independence from England, and therefore did not designate a national capital. The Second Continental Congress encompassed the period during which the United States declared independence, but had not yet established a permanent national capital. Before joining the United States as the fourteenth state, Vermont
15808-539: The country because many banks and clearinghouses refused to clear checks drawn on certain other banks, a practice that contributed to the failure of otherwise solvent banks. To address these problems, Congress gave the Federal Reserve System the authority to establish a nationwide check-clearing system. The System, then, was to provide not only an elastic currency—that is, a currency that would expand or shrink in amount as economic conditions warranted—but also an efficient and equitable check-collection system. In
15960-430: The downtown area suffered extensive flood damage after the remnants of Hurricane Gaston dumped up to 12 in (300 mm) of rain. Damaging storms occur mainly from snow and freezing rain in winter, and from hurricanes, tornadoes, and severe thunderstorms in other seasons. Damage can come from wind, flooding, rain, or a combination of the three. Tornadoes are infrequent, but some notable ones have been observed in
16112-474: The end of the 19th century when the new streetcar system made it possible for people to live on the city's outskirts and commute downtown. Other prominent Northside neighborhoods include Azalea, Barton Heights, Bellevue, Chamberlayne, Ginter Park, Highland Park, and Rosedale. Farther west is the affluent, suburban West End . Windsor Farms is among its best-known sections. The West End also includes middle- to low-income neighborhoods, such as Laurel, Farmington, and
16264-406: The fall line to the ocean-faring ships below. The canal boatmen legacy is represented by the figure in the center of the city flag. Because of the canal and the hydropower the falls generated, Richmond emerged as an important industrial center after the American Revolutionary War (1775–1783). It became home to some of the largest manufacturing facilities, including iron works and flour mills, in
16416-717: The first European settlement in Central Virginia was established at Henricus , where the Falling Creek empties into the James River. In 1619, early Virginia Company settlers established the Falling Creek Ironworks there. Decades of conflicts between the Powhatan and the settlers followed, including the Battle of Bloody Run , fought near Richmond in 1656, after tensions arose from an influx of Manahoacs and Nahyssans from
16568-706: The former city of Manchester consolidated with Richmond, and in 1914 the city annexed Barton Heights, Ginter Park, and Highland Park in Henrico County . In May 1914, Richmond became the headquarters of the Fifth District of the Federal Reserve Bank . Several major performing arts venues were constructed during the 1920s, including what are now the Landmark Theatre, Byrd Theatre, and Carpenter Theatre. The city's first radio station, WRVA , began broadcasting in 1925. WTVR-TV (CBS 6), Richmond's first television station,
16720-401: The judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time. The Federal Reserve plays
16872-530: The last Confederate statue, honoring Confederate General General A. P. Hill , on December 12, 2022. The only statue remaining on Monument Avenue is of Arthur Ashe, the pioneering Black tennis player. The Bill "Bojangles" Robinson monument in Jackson Ward was untouched during the protests and remained in place. Richmond is located at 37°32′N 77°28′W / 37.533°N 77.467°W / 37.533; -77.467 (37.538, −77.462). According to
17024-477: The maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in
17176-526: The most densely populated city in the Southern United States . In the 1900 Census, Richmond's population was 62.1% white and 37.9% black. Freed slaves and their descendants created a thriving African-American business community, and the city's historic Jackson Ward became known as the "Wall Street of Black America." In 1903, African-American businesswoman and financier Maggie L. Walker chartered St. Luke Penny Savings Bank, served as its president, and
17328-610: The name of our state and it is deemed important that the true pronunciation should be determined for use in oral official proceedings. And, whereas, the matter has been thoroughly investigated by the State Historical Society and the Eclectic Society of Little Rock, which have agreed upon the correct pronunciation as derived from history, and the early usage of the American immigrants. Be it therefore resolved by both houses of
17480-511: The nation's coin and paper currency . The U.S. Treasury, through its Bureau of the Mint and Bureau of Engraving and Printing , actually produces the nation's cash supply and, in effect, sells the paper currency to the Federal Reserve Banks at manufacturing cost, and the coins at face value. The Federal Reserve Banks then distribute it to other financial institutions in various ways. During
17632-416: The nation's federal district. Those insular areas with territorial capitals are listed below. Two of the 50 U.S. states, Hawaii and Texas, were once de jure sovereign states with diplomatic recognition from the international community . During its history as a sovereign nation ( Kingdom of Hawaii , 1795–1893; Republic of Hawaii , 1894–1898), five sites served as the capital of Hawaii: Annexed by
17784-403: The nearby rivers and holding long stomp dances in the park-like woods that were typical of many Southeastern Native American settlements. The Cherokee National council grounds were moved to Red Clay, Tennessee, on the Georgia state line, in order to evade the Georgia state militia. The log cabins, limestone springs, and park-like woods of Red Clay served as the capital until the Cherokee Nation
17936-681: The north and west of Downtown are in Hardiness Zone 7a. Temperatures seldom fall below 0 °F (−18 °C), with the most recent subzero reading on January 7, 2018, when the temperature reached −3 °F (−19 °C). The July daily mean temperature is 79.3 °F (26.3 °C), and high temperatures reach or exceed 90 °F (32 °C) approximately 43 days a year; 100 °F (38 °C) temperatures are not uncommon but do not occur every year. Extremes in temperature have ranged from −12 °F (−24 °C) on January 19, 1940, to 107 °F (42 °C) on August 6, 1918. The record cold maximum
18088-475: The population of the metro area the city is a part of, and should not be construed to mean the population of the city's sphere of influence or that the city is an anchor for the metro area. Fields colored light yellow denote that the population is a micropolitan statistical area. An insular area is a United States territory that is neither a part of one of the fifty states nor a part of the District of Columbia,
18240-460: The president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." The Federal Reserve has been criticized by some for its approach to managing inflation , perceived lack of transparency, and its role in economic downturns. The primary declared motivation for creating
18392-652: The primary federal supervisors of commercial banks; the Office of the Comptroller of the Currency supervises national banks, and the Federal Deposit Insurance Corporation supervises state banks that are not members of the Federal Reserve System. Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is, state banks that have chosen to join
18544-460: The rapidly gentrifying Church Hill , home to St. John's Church , poorer areas like Fulton , Union Hill, and Fairmont, and public housing projects like Mosby Court , Whitcomb Court, Fairfield Court, and Creighton Court closer to Interstate 64 . The area between Belvidere Street, Interstate 195 , Interstate 95 , and the river, which includes Virginia Commonwealth University , is socioeconomically and architecturally diverse. North of Broad Street,
18696-473: The removal of a member of the board by the president "for cause". The board is required to make an annual report of operations to the Speaker of the U.S. House of Representatives. The chair and vice chair of the board of governors are appointed by the president from among the sitting governors. They both serve a four-year term and they can be renominated as many times as the president chooses, until their terms on
18848-492: The same in the Confederacy as they had been in the Union (U.S.A.), although as the advancing Union Army used those cities for military districts, some of the Confederate governments were relocated or moved out of state, traveling along with secessionist armies . In 1863 and 1864, Jones County, Mississippi revolted against Confederate rule and became practically independent under the name Free State of Jones . The Free State fought
19000-532: The situation difficult to assess. The rebellion in Jones County has been variously characterized as consisting of local skirmishes to being a full-fledged war of independence. Most of the original Thirteen Colonies had their capitals occupied or attacked by the British during the American Revolutionary War . State governments operated where and as they could. The City of New York was occupied by British troops from 1776 to 1783. A similar situation occurred during
19152-572: The south and southwest were broken. On March 25, Confederate General John B. Gordon 's desperate attack on Fort Stedman , east of Petersburg, failed. On April 1, Union Cavalry General Philip Sheridan , assigned to interdict the Southside Railroad, met brigades commanded by Southern General George Pickett at the Five Forks Junction, defeated them, took thousands of prisoners, and advised Union General-in-Chief Ulysses S. Grant to order
19304-462: The southwest, Chesterfield to the south, Varina to the southeast, Sandston to the east, Glen Allen to the north and west, Short Pump to the west, and Mechanicsville to the northeast. Richmond was an important village in the Powhatan Confederacy and was briefly settled by English colonists from Jamestown from 1609 to 1611. Founded in 1737, it replaced Williamsburg as the capital of
19456-624: The state of Tennessee. Franklin was never officially admitted into the Union of the United States and existed for only four years. The State of Muskogee was a Native American state in Spanish Florida created by the Englishman William Augustus Bowles , who was its "Director General", author of its Constitution, and designer of its flag. It consisted of several tribes of Creeks and Seminoles . It existed from 1799 to 1803. It had one capital: The Republic of West Florida
19608-407: The statue of African American Richmond native and tennis star Arthur Ashe to the series of statues of Confederate figures on Monument Avenue . After several months of controversy, Ashe's bronze statue was finally completed on July 10, 1996. By the beginning of the 21st century, the population of the greater Richmond metropolitan area had reached approximately 1,100,000, although the population of
19760-407: The system. Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the board of governors are selected by the president of the United States and confirmed by the Senate . The Federal Banking Agency Audit Act, enacted in 1978 as Public Law 95-320 and 31 U.S.C. section 714 establish that the board of governors of the Federal Reserve System and
19912-537: The target for the federal funds rate , which generally influences market interest rates and, in turn, US economic activity via the monetary transmission mechanism . The FOMC consists of all seven members of the board of governors and the twelve regional Federal Reserve Bank presidents, though only five bank presidents vote at a time—the president of the New York Fed and four others who rotate through one-year voting terms. There are also various advisory councils. It has
20064-509: The three class A board members. Class B board members are also nominated by the region's member banks, but class B board members are supposed to represent the interests of the public. Lastly, class C board members are appointed by the board of governors, and are also intended to represent the interests of the public. The Federal Reserve Banks have an intermediate legal status, with some features of private corporations and some features of public federal agencies. The United States has an interest in
20216-681: The upper James River and provide a water route across the Appalachian Mountains to the Kanawha River , which flows westward into the Ohio River and converges with the Mississippi River , George Washington helped design the James River and Kanawha Canal . The canal started in Westham and cut east to Richmond, facilitating the transfer of cargo from flat-bottomed James River bateaux above
20368-452: The vacancies was created in 2011 with the resignation of Kevin Warsh , who took office in 2006 to fill the unexpired term ending January 31, 2018, and resigned his position effective March 31, 2011. In March 2012, U.S. Senator David Vitter ( R , LA ) said he would oppose Obama's Stein and Powell nominations, dampening near-term hopes for approval. However, Senate leaders reached a deal, paving
20520-460: The vice-chair. In April 2014, Stein announced he was leaving to return to Harvard on May 28 with four years remaining on his term. At the time of the announcement, the FOMC "already is down three members as it awaits the Senate confirmation of ... Fischer and Lael Brainard , and as [President] Obama has yet to name a replacement for ... Duke. ... Powell is still serving as he awaits his confirmation for
20672-543: The war, thriving within a year of its burning. In 1786, the Virginia Statute for Religious Freedom , drafted by Thomas Jefferson, was enacted, separating church and state and advancing the legal principle for freedom of religion in the United States. In 1788, the Virginia State Capitol , designed by Jefferson and Charles-Louis Clérisseau in the Greek Revival style , was completed. To bypass Richmond's rapids on
20824-495: The way for affirmative votes on the two nominees in May 2012 and bringing the board to full strength for the first time since 2006 with Duke's service after term end. Later, on January 6, 2014, the United States Senate confirmed Yellen's nomination to be chair of the Federal Reserve Board of Governors; she was the first woman to hold the position. Subsequently, President Obama nominated Stanley Fischer to replace Yellen as
20976-412: The year, most frequently in March and least in July. Hurricanes and tropical storms have been responsible for most flooding during the summer and early fall months. Hurricanes passing near Richmond have produced record rainfalls. In 1955, three hurricanes, including Hurricane Connie and Hurricane Diane , which brought heavy rains five days apart, produced record rainfall in a six-week period. In 2004,
21128-408: The years, and currently also include supervising and regulating banks , maintaining the stability of the financial system, and providing financial services to depository institutions , the U.S. government, and foreign official institutions. The Fed also conducts research into the economy and provides numerous publications, such as the Beige Book and the FRED database . The Federal Reserve System
21280-457: Was a short-lived nation that broke away from the territory of Spanish West Florida in 1810. It comprised the Florida Parishes of the modern state of Louisiana and the Mobile District of the modern states of Mississippi and Alabama . (The Republic of West Florida did not include any part of the modern state of Florida .) Ownership of the area had been in dispute between Spain and the United States, which claimed that it had been included in
21432-556: Was also the first TV station south of Washington, D.C. Between 1963 and 1965, there was a "downtown boom" that led to the construction of more than 700 buildings. In 1968, Virginia Commonwealth University was created by the merger of the Medical College of Virginia and the Richmond Professional Institute . On January 1, 1970, Richmond's borders expanded south by 27 sq mi (70 km) and its population increased by 47,000 after several years of court cases in which Chesterfield County unsuccessfully fought annexation. In 1995,
21584-452: Was an independent republic known as the Vermont Republic (1777–1791). Three cities served as the capital of the Republic: The current capital of the State of Vermont is Montpelier . The State of Franklin was an autonomous, secessionist United States territory created not long after the end of the American Revolution from territory that later was ceded by North Carolina to the federal government. Franklin's territory later became part of
21736-420: Was captured on May 10 near Irwinville, Georgia and taken back to Virginia, where he was imprisoned two years at Fort Monroe until freed on bail. A decade after the Civil War, Richmond resumed its position as a major urban center of economic productivity with iron front buildings and massive brick factories. Canal traffic peaked in the 1860s, with railroads becoming the dominant shipping method. Richmond became
21888-507: Was designed as an attempt to prevent or minimize the occurrence of bank runs, and possibly act as a lender of last resort when a bank run does occur. Many economists, following Nobel laureate Milton Friedman , believe that the Federal Reserve inappropriately refused to lend money to small banks during the bank runs of 1929; Friedman argued that this contributed to the Great Depression . Because some banks refused to clear checks from certain other banks during times of economic uncertainty,
22040-452: Was designed out of a compromise between the competing philosophies of privatization and government regulation. In 2006 Donald L. Kohn , vice chairman of the board of governors, summarized the history of this compromise: Agrarian and progressive interests, led by William Jennings Bryan, favored a central bank under public, rather than banker, control. However, the vast majority of the nation's bankers, concerned about government intervention in
22192-462: Was founded in 1825, realizing the dream and plans of Cherokee Chief Major Ridge . Major Ridge chose the site because of its centrality in the historic Cherokee Nation which spanned parts of Georgia, North Carolina, Tennessee and Alabama, and because it was near the confluence of the Conasauga and Coosawattee rivers. The town's layout was partly inspired by Ridge's many visits to Washington D.C. and to Baltimore, but also invoked traditional themes of
22344-447: Was founded in the 1960s following the formation of the Allegheny Reservoir . The Senecas also have an administrative longhouse in Steamburg but do not consider that location to be a capital. Window Rock ( Navajo : Tségháhoodzání ), Arizona, is a small city that serves as the seat of government and capital of the Navajo Nation (1936–present), the largest territory of a sovereign Native American nation in North America. It lies within
22496-429: Was located. However, as time progressed relations between the Arrohattocs and English colonists declined, and by 1609 the tribe was unwilling to trade with the settlers. As the population began to dwindle, the tribe declined and was last mentioned in a 1610 report by the visiting William Strachey. By 1611 the tribe's Henrico town was found to be deserted when Sir Thomas Dale went to use the land to found Henricus. In 1611,
22648-456: Was removed to Indian Territory ( Oklahoma ) on the Trail of Tears . Tahlequah, in present-day Oklahoma, served as the capital of the original Cherokee Nation after Removal . After the Civil War, a turbulent period for the Nation which was involved in its own civil war resulting from pervasive anger and disagreements over removal from Georgia, the Cherokee Nation built a new National Capitol in Tahlequah out of brick. The building served as
22800-469: Was set based upon the population distribution of the United States when the Federal Reserve Act was passed. The charter and organization of each Federal Reserve Bank is established by law and cannot be altered by the member banks. Member banks do, however, elect six of the nine members of the Federal Reserve Banks' boards of directors. Each regional Bank has a president, who is the chief executive officer of their Bank. Each regional Reserve Bank's president
22952-436: Was the first black female bank president in the United States. Charles Thaddeus Russell was Richmond's first black architect, and he designed the bank's office. Today, the bank is called the Consolidated Bank and Trust Company and is the country's oldest surviving African-American bank. Another prominent African-American from this time was John Mitchell Jr. , a newspaper editor, civil rights activist, and politician. In 1910,
23104-428: Was used by some to escape slavery in the mid-19th century. In 1849, Henry "Box" Brown had himself nailed into a small box and shipped from Richmond to abolitionists in Philadelphia through Baltimore 's President Street Station on the Philadelphia, Wilmington and Baltimore Railroad , often used by the Underground Railroad to assist escaping disguised slaves reach the free state of Pennsylvania . Five days after
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