the Federal Reserve bank building is the tallest along the James River waterfront in Richmond
Source: Virginia Department of Transportation, Richmond City Skyline
Creation of the Federal Reserve banking system in 1913 led to a competition among 40 cities to become home to one of the regional banks. Richmond was chosen to be the site for the Fifth Federal Reserve District. At the time, Richmond was the most vibrant city within the region's geographic range of Maryland, North Carolina, South Carolina, Washington, D.C., and almost all of West Virginia. Since then, Atlanta and Charlotte have emerged as financial centers but the Federal Reserve has not relocated its regional office.
The original office of the Fifth District was near the courthouse on Main Street. In 1921 the office moved to a building on N. Ninth Street next to Capitol Square. In 1978, the last move brought the office to a new building designed by Minoru Yamasaki. The 393-foot tall tower resembles his design for the former World Trade Center towers in New York City.
Moving the Federal Reserve office in 1978 required extraordinary security procedures:1
the Federal Reserve Bank maintains a supply of cash in Richmond
Source: Library of Virginia, Money bags and bars (April 11, 1956)