Fed In-plants - Bank On Them
Federal Reserve Bank in-plants don’t print money, but they work together to try to save it.
COSMO CORVAGLIA has a kingdom—though he’d probably prefer to call it an area, or maybe just a district. Either way, he’s the one responsible for it.
This kingdom (or district if you prefer) stretches from Trenton, N.J., to Rehoboth, Del., and from Pittsburgh to Cape May Point, N.J. And although he isn’t really a king, or even a prince for that matter, he is part of an organization few understand—and even fewer could live without.
Cos Corvaglia is print manager for the Federal Reserve Bank of Philadelphia. And while the Fed doesn’t print any bills or mint any coins, it does formulate and execute monetary policy for the U.S. government. On top of that, because the Philadelphia-area Fed acts as a clearinghouse for locally deposited checks, it processes between six to seven million checks a night.
Although Corvaglia’s crew doesn’t actually help with the processing of those checks, it does print and distribute nearly every other document necessary to the Fed’s work in Philadelphia. So while Fed Chairman Alan Greenspan is busy adjusting interest rates and making headlines, the in-plant for the Third District of the Federal Reserve is printing the items that help the Fed function—everything from directories, reports and newsletters to brochures, memos and procedure manuals, and quite a few things in between. The 20-employee shop runs eight Heidelberg presses, as well as four Canon copiers and assorted prepress and bindery equipment.
“I’ve got seven pressmen with between 10 and 30 years experience out on the floor,” says Corvaglia. “There might be six different ways to do a job and these guys have seen them all.”
Created by an act of Congress in 1913, the Federal Reserve Bank acts as the central bank of the United States and is represented by 12 regional districts. Each region retains its own in-plant according to its needs.