Houston Federal Reserve Bank Branch Opens

The Houston branch of the Federal Reserve Bank of Dallas is now open and as Houston Public Radio's Laurie Johnson reports -- Federal Reserve Chairman Alan Greenspan was in Houston to commemorate the event.

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More than 2,000 people worked over a three-year period to build the new Houston branch on Allen Parkway. The 280,000 square foot facility will be the distribution center of more than $1 billion in cash for the region. Federal Reserve Chairman Alan Greenspan addressed the crowd of business and civic leaders and bank employees.

The building is dedicated to Houstonian and former Federal Reserve Governor Mike Kelly, who served on the board of governors for 14 years. Kelly says the Fed has a real responsibility for keeping the economy running smoothly.

The $95 million bank was designed by architect Michael Graves, who incorporated Texas materials and art into the bank's open atmosphere. The vault is open to public viewing and is the second largest in the Federal Reserve system after New York.

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