Casey to Federal Reserve Bank: Make Job Creation a Priority in Sale of Downtown Building

In Letter, Casey Calls on Federal Reserve Bank to Prioritize Pittsburgh’s Economy

WASHINGTON, DC – U.S. Senator Bob Casey (D-PA) today urged the Federal Reserve Bank to prioritize Pittsburgh’s economy in the sale of its headquarters downtown by finding a buyer who will create local jobs.

“The Federal Reserve Bank building, which was once home to hundreds of jobs, should continue to support Pittsburgh’s local workforce in its next chapter,” said Senator Casey. “I urge the Federal Reserve to find a buyer who will bring the maximum number of jobs to downtown Pittsburgh.”

After deciding to discontinue the sale of paper U.S. Savings Bonds and other securities, the Federal Reserve Bank of Cleveland announced its intention to sell its downtown Pittsburgh headquarters located at 717 Grant St. The building contains about 200,000 square feet of office space.

In looking for a buyer for the building, Senator Casey urged to Federal Reserve Bank to take into account a buyer’s intent to create local jobs.

“With this sale, the Federal Reserve Bank has an opportunity to ensure that this building remains a source of jobs for the community,” Senator Casey wrote in a letter to Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto.

“As you consider possible buyers for the property, I urge you to prioritize those who will create jobs in Pittsburgh,” Senator Casey continued.

The full text of Senator Casey’s letter is below:

Dear Ms. Pianalto:

I write to you regarding reports that the Federal Reserve Bank of Cleveland will be selling the current headquarters building of its Pittsburgh Branch located in downtown Pittsburgh.  It is my understanding that the Treasury Department’s recent decision to conduct virtually all savings bond sales electronically has led to layoffs among the Bank’s staff that had previously handled such transactions.  As a result, the Pittsburgh Branch no longer requires a building the size of its current headquarters, and is in the process of moving to a smaller location.

While I understand the need for this move, I am concerned about the future use of the building.  Downtown Pittsburgh serves as an important center of commerce in the region, and it is essential that it continue to play this role.  With this sale, the Federal Reserve Bank has an opportunity to ensure that this building remains a source of jobs for the community.  As you consider possible buyers for the property, I urge you to prioritize those who will create jobs in Pittsburgh.  Families across Pennsylvania continue to face financial challenges, and far too many Americans are unemployed or underemployed.  Our government must take every opportunity possible to help put Americans back to work.  I ask you to make this a primary goal as you move forward with the sale.

Thank you for your consideration of this request.

Sincerely,

Robert P. Casey, Jr.

United States Senator

###