Andrew Adams is an award-winning journalist and reporter for KSL. For two decades, he's covered a variety of stories for KSL, including major crime, politics and sports.
SALT LAKE CITY — The Federal Reserve manages monetary policy, influences interest rates and keeps cash flowing to and from commercial banks and ultimately to the public.Rarely do people get a look at the inner workings of how the money moves, but on Tuesday, KSL got a tour inside the highly secure Salt Lake branch of the Federal Reserve Bank of San Francisco, where workers in the branch's cash processing facility were busy inspecting, sorting, storing and distributing large amounts of bills.
"We make sure that there's an adequate supply of currency to meet the needs of the public here," Vice President and Regional Executive Abby McLennan said. "Commercial banks — they're able to deposit and order currency with us."McLennan said commercial banks deposit their excess cash as well as old and worn bills, and workers determine every bill's authenticity and viability for reuse.According to statistics provided to KSL, workers at five cash processing facilities in the San Francisco region process roughly 25 million notes each day, shredding more than $100 million per day in "unfit" bills, all while serving over 750 financial institutions."That's a great way to describe us — we are the banks' bank," McLennan said.With pallets of money marked with totals like $32,000,000, the sheer volume of cash on hand is staggering to the uninitiated, and even sometimes to those who work around those amounts daily."I've had a time or two where I'm behind a container that's being pushed down the hall, and I think, 'Man, that thing has over $20 million in it,'" McLennan said. "I'll never have $20 million myself, so it can be a little overwhelming from time to time to take a look at the amount of currency that's in here."It's a role and a job that workers take very seriously."We're playing such an important role for the American public, making sure the payment systems that we support are always available — cash being one of those," McLennan said. "You're unable to make it surreal because of the role that we play at the Federal Reserve."McLennan acknowledged in addition to shredding old bills, workers also occasionally spot counterfeits that have somehow made it all the way through the system to them."They're actually sent off to the Secret Service to confirm that they are a counterfeit," McLennan said. "When you look at the overall amount of currency that's out in circulation, it's an extre
Traffic Weather Sports Classifieds Cars Jobs Homes Television Radio Salt Lake Utah Local Finance Business Economy Technology
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LOVB Salt Lake bought by former NFL, college football stars as league continues ownership trendKSL BYU and college sports reporter
Read more »
Salt Lake County revamps childcare plan to keep four centers open for familiesCLICK HERE to reach out to Mya with any story ideas or news tips.
Read more »
The Salt Lake Tribune: A Legacy of Independent Journalism in UtahThe Salt Lake Tribune expresses its gratitude for the support of its readers and details its commitment to independent journalism in Utah. The paper highlights its mission to uncover stories others can't or won't report, emphasizing the importance of transparency, accountability, and community engagement. As a non-profit news organization, it relies on reader support to provide in-depth reporting on the issues shaping Utah.
Read more »
Record low snowpack could lead to new record low for Great Salt LakeJeff Manwaring runs Exclusive Excursions, a Utah tour company that, among other things, operates boat tours on the Great Salt Lake.“We’ll do it kind of in early
Read more »
Aboriginal Australian artists share faith through Salt Lake exhibitTyrese Boone is a Morning Reporter at KSL-TV. Born and raised in Beaumont, Texas, he graduated from the University of North Texas with a bachelor's degree in Digital & Print Journalism.
Read more »
Salt Lake City Airport Hit by Security Delays Due to Weekend Travel RushTravelers at Salt Lake City International Airport faced significant security delays Friday morning due to the spring break travel rush. These long lines, attributed to increased passenger volume, come amidst nationwide issues with TSA staffing impacted by the ongoing government shutdown. While the delays eased later in the morning, the situation highlights the impact of the shutdown on airport operations, with a rise in callouts among TSA workers due to financial strain.
Read more »