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About Us

The Federal Reserve Bank of New York is one of 12 regional Reserve Banks which, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The "Fed," as the system is commonly called, is an independent governmental entity created by Congress in 1913 to serve as the central bank of the United States. It is responsible for:

formulating and executing monetary policy
supervising and regulating depository institutions
providing an elastic currency
assisting the federal government's financing operations
serving as the banker for the U.S. government

The Federal Reserve Bank of New York Seeing the Federal Reserve Bank of New York, visitors' first impressions are of the building's formidable architecture. Inside the vault of this imposing structure is stored billions of dollars of gold. But what is most significant about the Bank is its broad policy responsibilities and the effects of its operations on the nation's economy. The New York Fed has supervisory jurisdiction over the Second Federal Reserve District, which encompasses New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity. The New York Fed has one branch office in Buffalo, New York. The Buffalo Branch uses its regional presence and strong local community and business ties to gather economic intelligence for monetary policy and to promote community growth, stabilization and revitalization through economic research and community development initiatives. Additionally, there are two regional offices located in Utica, New York, and East Rutherford, New Jersey.

Benefits

Medical Coverage A choice between HMO and PPO plans Dental Coverage 401(k) Plan Our plan allows members to contribute both pre-tax and after tax dollars, subject to IRS limits. Employee contributions of up to 6% of pay are matched at 80 cents on the dollar for staff with up to five years of service and are matched dollar for dollar for staff with over five years of service. Pension Plan We offer a company paid pension plan with a portable cash option. Members are vested in the plan after five years of service.

Educational Reimbursement

Commuter Subsidy Plan

Legal Insurance

Auto/Homeowner's Insurance

Employee Assistance Program

Holidays

The Bank pays for 11 holidays per year Paid Time Off The policy provides time for compensated absences

What We Do

In order to foster the safety, soundness and vitality of our economic and financial systems, the Federal Reserve Bank of New York works within the Federal Reserve System and with other public and private sector institutions to:

Execute monetary policy
The Federal Open Market Committee (FOMC) sets monetary policy to help promote national economic goals. The New York Fed's president is the only regional Bank president with a permanent vote and is traditionally selected as its vice chairman. Other presidents serve one-year terms on a rotating basis.

The Federal Reserve uses three main tools to implement monetary policy: open market operations, the discount window and reserve requirements. The most important and dynamic tool is open market operations.

Through open market operations, the New York Fed buys and sells U.S. Treasury securities, trading with accredited primary dealers. When the Fed buys Treasury securities from primary dealers, it adds extra reserves to the banking system and puts downward pressure on the highly sensitive federal funds rate. When the Fed sells Treasury securities, it drains reserves and puts upward pressure on the federal funds rate. The New York Fed is located at the heart of the nation's financial industry and is the only regional Bank to carry out these crucial operations on behalf of the System.

The Fed's other main policy tools are the discount window, which extends credit to banks in certain circumstances, and reserve requirements, which dictate how much banks must hold in reserve accounts. These mechanisms also influence the cost of lending, which, in turn, affects the rate of economic growth and price levels.

The New York Fed also carries out foreign exchange market intervention to help achieve dollar-exchange-rate policy objectives. Intervention is carried out by the New York Fed on behalf of the U.S. Treasury and the Federal Reserve.

Support financial stability in the U.S. and abroad
The New York Fed's supervisory activities are designed to ensure a safe and sound banking system. The New York Fed conducts onsite and offsite examinations of banks in New York, New Jersey, and Fairfield County in Connecticut. It also examines U.S. bank holding companies, state-chartered banks and the U.S. operations of foreign banks.

Like the other Federal Reserve banks, the New York Fed is responsible for enforcing laws and establishing rules to protect banking customers in its region. Finally, the Fed ensures that banks in each district observe community reinvestment laws and try to meet the credit needs of their communities.

Operate and oversee payments systems
The Federal Reserve helps maintain the nation's payments system through its extensive electronic wire transfer services and its check and cash processing operations. Maintenance of these payments systems permits the safe and rapid clearing and settlement arrangements necessary for a smooth-running financial system.

Fedwire® is an electronic transfer system enabling financial institutions to transfer funds and book-entry securities nationwide. Although the Second District is smaller than most Federal Reserve Districts in terms of geographic area, it is where most Fedwire transfers originate.

Provide banking and financial services to international institutions
The New York Fed offers banking and financial services to over 200 foreign central banks, foreign governments, and international official institutions. Services for foreign official account holders are in four main areas: demand deposit transactions, investments, custodial and safekeeping responsibilities, and foreign exchange operations. The New York Fed offers other services on an occasional basis, such as technical assistance and training of foreign central bankers.

Careers

We can put you in the center of the financial world, with a unique perspective on national and international markets and economies. You'll keep the banking industry robust and secure and represent the United States in the monetary arena. It's a challenge that demands the skills of a Wall Street professional and the intellectual curiosity of an academic, all combined with a passion for public service.

Diversity and Inclusion

The Federal Reserve Bank of New York is committed to a work environment that respects and fully values the strengths and differences of its people. The Bank strives to be a place where all individuals have the opportunity to contribute, exchange ideas and be recognized for their performance. Toward this end, every employee is responsible for embracing diversity and inclusiveness and encouraging an environment where innovation and excellence thrive.

Commitment to Diversity and Inclusion

Diversity Advisory Council
The Bank’s Diversity Advisory Council is chaired by the Bank's first vice president and comprised of members from all business lines. As business partners and key stakeholders, council members are catalysts in developing and executing a strategy to advance diversity across the Bank and to champion diversity and inclusion as important strategic imperatives. The Diversity Advisory Council works closely with the Office of Diversity and Inclusion in identifying and implementing new diversity and inclusion initiatives.

Office of Diversity and Inclusion
The Office of Diversity and Inclusion is charged with helping the Bank’s leaders design and implement an action-oriented strategy to advance the Bank’s diversity and inclusion goals, and with helping managers more generally to create a work environment that respects and fully values the strengths and differences of its people. The office is under the direction of the Bank’s chief diversity officer.

Resource Networks

African American and Latino Men's Alliance, African American and Latina Women's Network, Asian Professional Networking Alliance, Disabilities Awareness Network, Evening Shift Employees Network, Gay, Lesbian, Bi-sexual, Transgender and Allies Network, Women's Network and Working Parents Network.

History

The Founding of the Fed

1791: The First Bank of the United States

After Alexander Hamilton spearheaded a movement advocating the creation of a central bank, the First Bank of the United States was established in 1791.

The First Bank of the United States had a capital stock of $10 million, $2 million of which was subscribed by the federal government, while the remainder was subscribed by private individuals. Five of the 25 directors were appointed by the U.S. government, while the 20 others were chosen by the private investors in the Bank.

The First Bank of the United States was headquartered in Philadelphia, but had branches in other major cities. The Bank performed the basic banking functions of accepting deposits, issuing bank notes, making loans and purchasing securities. It was a nationwide bank and was in fact the largest corporation in the United States. As a result of its influence, the Bank was of considerable use to both American commerce and the federal government.

However, the Bank's influence was frightening to many people. The Bank's charter ran for twenty years, and when it expired in 1811, a proposal to renew the charter failed by the margin of a single vote in each house of Congress. Chaos quickly ensued, brought on by the War of 1812 and by the lack of a central regulating mechanism over banking and credit.

The Second Bank of the United States

The situation deteriorated to such an extent that in 1816, a bill to charter a Second Bank of the United States was introduced in Congress. This bill narrowly passed both houses and was signed into law by President James Madison. Henry Clay, Speaker of the House, cited the "force of circumstance and the lights of experience" as reasons for this realization of the importance of a central bank to the U.S. economy.

The Second Bank of the United States was similar to the first, except that it was much larger; its capital was not $10 million, but $35 million. As with the First Bank of the United States, the charter was to run for 20 years, one-fifth of the stock was owned by the federal government and one-fifth of the directors were appointed by the President.

This bank was also similar to its predecessor in that it wielded immense power. Many citizens, politicians and businessmen perceived it as a menace to both themselves and U.S. democracy. One notable opponent was President Andrew Jackson, who, in 1829, when the charter still had seven years to run, made clear his opposition to the Bank and to the renewal of its charter. Jackson's argument rested on his belief that "such a concentration of power in the hands of a few men irresponsible to the people" was dangerous. This attack on the Bank's power drew public support, and when the charter of the Second Bank of the United States expired in 1836, it was not renewed.

For the next quarter century, America's central banking was carried on by a myriad of state-chartered banks with no federal regulation. The difficulties brought about by this lack of a central banking authority hurt the stability of the American economy. There were often violent fluctuations in the volume of bank notes issued by banks and in the amount of demand deposits that the banks held. Bank notes, issued by the individual banks, varied widely in reliability.

Finally, inadequate bank capital, risky loans and insufficient reserves against bank notes and demand deposits hampered the banking system. To its detriment, the American public had again opposed the idea of a central bank, and the country's need for such an entity was more apparent than ever before.