Donald L Kohn: Dedication remarks
Speech by Mr Donald L Kohn, Vice Chairman of the Board of Governors of the US Federal
Reserve System, at the Dedication of the New Seattle Branch Building of the Federal
Reserve Bank of San Francisco, Renton, Washington, 7 April 2008.
* * *
Good afternoon. It is my honor and pleasure to be here today to help dedicate the new
Seattle Branch building, and to speak about how this terrific new facility will assist the
Federal Reserve System's efforts to help guide the national economy and serve the payment
needs of the Northwest.
I would like to express my personal appreciation to the City of Renton for its support and
assistance in locating the Seattle Branch at its new home along Naches Avenue. As
Chairman of the Committee on Federal Reserve Bank Affairs at the Board of Governors, I
have followed this building project closely, and value the city's cooperation in helping ensure
its future success. I especially appreciate the city's close cooperation with us in upgrading
the utilities and streets serving the site and, essentially, making it a welcome new home for
Branch employees.
The Seattle Branch, created in 1917, was housed in leased space until a downtown site was
built in 1950. Although that building served the Seattle area's needs well for more than fifty
years, service demands on the Branch have evolved and outstripped the capabilities of the
old building and site. The vault and cash processing areas were no longer adequate for
efficient operations, and cash delivery facilities could not accommodate the type and number
of delivery vehicles, which had resulted in armored trucks queued along Spring Street.
Furthermore, the building's general layout and construction did not meet the post-9/11
security requirements necessary for protecting Federal Reserve System employees and
operations.
We considered several sites in the Seattle metropolitan area for the new building, initially
searching for a suitable site within the city limits. But our site and transportation requirements
prompted us to consider options within the broader metropolitan area, and we found that this
location's proximity to major roads and highways will improve vehicular access for
employees, visitors, and delivery personnel.
As you may have noticed, the new site is large - almost 10 acres - and its security is
evident. Clearly, the safety of our employees and operations is a high priority that has
become a greater focus in the post-9/11 era, but the building is more than just secure: Its
design supports our mission, which is to promote a stable and efficient financial system and
to conduct a monetary policy that fosters maximum employment and stable prices.
In recognition of our responsibilities as a community partner, the architecture of the building
reflects both the character of the area as well as environmental concerns. For example, the
building site borders a wetlands area that the Bank was careful to consider in situating the
structure and tailoring the landscaping. A construction objective was to minimize the project's
cost by using materials and methods commonly employed locally. The new building's exterior
is a combination of low-maintenance glass, metal, and concrete elements. In all, the
designers have produced a handsome design that reflects the Branch's desired utilitarian
theme and functional requirements. The natural landscaping around the building reflects the
character of the region as well, and it serves as an important feature in the overall design,
and helps minimize ongoing maintenance costs.
And besides serving as an attractive asset in the City of Renton and in the greater Seattle
metropolitan area, the new building should act as a catalyst for further development of the
Longacres area by attracting other financial services facilities. It will serve as an ideal
location for meetings with the Branch board of directors and as a facility for interacting with a
wider public audience to exchange information on economic developments in the Northwest.
And these meetings will support our broader monetary policy mission. Monetary policy is
directed by the Federal Open Market Committee, or FOMC, which consists of the Board of
Governors of the Federal Reserve System and the Reserve Bank presidents. The FOMC
relies on information provided by business people and others and economic intelligence
gathered from around the nation. The Seattle Branch assists FOMC policymakers by
monitoring indicators of economic conditions at the grassroots level here in the Northwest
through liaison with local community groups and businesses. In addition, through community
outreach, the Seattle Branch supports the Federal Reserve's aim to provide economic
information to the community and offer economic and financial education programs to local
groups and schools.
Maintaining the effectiveness of the nation's payment system is another important aspect of
our work here in the Northwest. The distribution of currency is critical to the local economy,
and the Federal Reserve has the responsibility to ensure the reliability and availability of
cash. Fortunately, the new Branch building is designed to meet the cash service of Seattle
area residents for many years to come. It comes equipped with state-of-the-art cash handling
systems, including an automated storage vault to further improve operational efficiency, and
its currency operations are designed to be scalable to address changing demands for cash in
the Seattle region.
Let me conclude by reiterating my great pleasure in participating in this ceremony, which
underscores our commitment to serve the growing needs of the Seattle and greater
Northwest communities. I appreciate the opportunity you've provided me to speak about our
central bank roles and functions and our strong links with the local economic community.
I am confident that this building will enable us to continue to meet our own mission objectives
and serve as an integral member of the community for many years to come. I congratulate
Branch staff and the community for their roles in ushering in this outstanding facility.