Everything about The Federal Reserve Bank Of New York totally explained
The
Federal Reserve Bank of New York is one of the most important of the twelve
Federal Reserve Banks of the
United States. It is located at
33 Liberty Street,
New York,
NY with a secondary office in
Buffalo, New York. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the Virgin Islands.
Largest regional Federal Reserve Bank
Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York in
Manhattan's Financial District has been the place where monetary policy in the United States is implemented, although policy is decided in Washington, D.C. by the
Board of Governors of the
Federal Reserve System. The New York Federal reserve is the largest, in terms of assets, and the most important of the twelve regional banks. Operating in the financial capital of the U.S., the New York Fed is responsible for conducting
open market operations, the buying and selling of outstanding
U.S. Treasury securities. Note that the responsibility for
issuing new U.S. Treasury securities lies with the
Bureau of the Public Debt. In 2003,
Fedwire, the Federal Reserve's system for transferring balances between it and other banks, transferred $1.8 trillion a day in funds, of which about $1.1 trillion originated in the Second District. It transferred an additional $1.3 trillion a day in securities, of which $1.2 trillion originated in the Second District. The New York Fed is also responsible for carrying out
exchange rate policy by buying and selling dollars at the direction of the United States Treasury Department. The New York Federal Reserve is the only regional bank with a permanent vote on the
Federal Open Market Committee and its president is traditionally selected as the Committee's vice chairman. The current president is
Timothy F. Geithner.
The New York Fed opened for business on
November 16,
1914 under the leadership of
Benjamin Strong Jr., who was previously president of the Bankers Trust Company. He led the Bank until his death in 1928. The Bank grew rapidly during the early years, necessitating the need for a new home.
33 Liberty Street
A public
competition for design of the building was held and the architectural firm of
York and Sawyer submitted the winning design reminiscent of the palaces in Florence, Italy. The bank moved to its current location in 1928.
The Federal Reserve Bank of New York maintains a vault that lies 86 feet (26
m) below sea level, resting on Manhattan bedrock. By 1927, the vault contained ten percent of the world's
official gold reserves. Currently, it's reputedly the largest
gold repository in the world (though this can't be confirmed as Swiss Banks don't report their gold stocks) and holds approximately 5,000
metric tons of gold bullion ($160 billion as of March, 2008), more than
Fort Knox. The gold is owned by many foreign nations, central banks and international organizations. The Federal Reserve Bank doesn't own the gold but serves as guardian of the precious metal, which it "protects" at no charge as a gesture of good will to other nations. Free
tours of the vault
are available to the public.
Past presidents
Presidents of the bank since its founding have been:
Fictional accounts
The 1995 Bruce Willis action movie depicts a daring robbery of the New York Fed's gold depository.Further Information
Get more info on 'Federal Reserve Bank Of New York'.
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