Financial Update (July-September 1998)
Atlanta Fed Unveils Design
|The Atlanta Fed's new headquarters (shown above), scheduled for completion in mid-2001, will consolidate the Bank's operations and employees in one building.|
The Need for a New Building
In late 1995 the Atlanta Fed announced its plans to construct a new building to replace its current headquarters, which the Bank had outgrown because of its business growth, reflecting the Southeast's economic growth. Currently, the Bank's 1,200 Atlanta employees operate out of three buildings in downtown Atlanta.
The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida and Georgia and sections of Louisiana, Mississippi and Tennessee. As part of the nation's central banking system, the Atlanta Fed participates in setting national monetary policy, supervises and regulates commercial banks, and provides cash and check processing and other payments services to depository institutions and the U.S. government.
The Atlanta Branch's financial services operations, which serve the state of Georgia and Chattanooga, Tenn., have grown dramatically since the early 1960s, when the Atlanta Fed moved to its current headquarters. At that time the Bank processed 300,000 checks per day while today the Bank processes over 3.4 million checks per day (see the table). Currency processing has also grown, from 400,000 notes per day in 1964 to an average of 2.5 million notes per day in 1998.
The Atlanta Fed is one of the busiest banks in the Federal Reserve System, ranking first in the system in check processing volume and in the top third in currency processing volume in 1997. Additionally, the Bank processes electronic payments, which totaled more than 335 million transactions valued at more than $9.2 trillion in 1997.
The Bank plans to begin construction on the new building in early 1999, after the project receives final approval from the Board of Governors of the Federal Reserve System, and plans to occupy the building in the summer of 2001.
|Atlanta Fed Financial Services Growth|
|(millions of items)||1964||1984||1994||1997||1998 (Q1)|