"Texas Wants Reserve Bank," proclaimed the Texas Bankers Record in February 1914. Eager Texans from Dallas, Fort Worth and Houston made passionate pleas at the Reserve Bank Organization committee hearing that February in Austin to have a Reserve Bank in their cities.
The Federal Reserve Act of 1913 directed officials to choose no fewer than eight and no more than 12 cities as sites of Federal Reserve Banks, and Dallas supporters were determined to have their city selected. Dallas Morning News publisher George B. Dealey and Dallas Clearinghouse representative J. Howard Ardrey led the way in promoting Dallas and rallying support in Washington, D.C. Dealey and Ardrey sent coded telegrams to two influential Texans in Washington. Addressing the telegrams to "Mercury" and "Tacitus" to ensure confidentiality, Dealey communicated with Postmaster General Albert S. Burleson and presidential adviser E. M. House to find out how Dallas was doing in the race.
As one of twelve regional Reserve Banks in the Federal Reserve System, the Dallas Fed serves the Eleventh Federal Reserve District, which consists of Texas, northern Louisiana and southern New Mexico. We've developed this Web site to help you gather information about the role the Dallas Fed plays in maintaining the economic vitality and financial stability of this region.