The Federal Reserve Bank of New York is one of the most important of the twelve Federal Reserve Banks of the United States. The United States of America —commonly referred to as the It is located at 33 Liberty Street, New York, NY with a secondary office in Buffalo, New York. 33 Liberty Street is the current home of the Federal Reserve Bank of New York. The City of New York New York ( is a state in the Mid-Atlantic and Northeastern regions of the United States and is the nation's third most populous Buffalo (ˈbʌfəloʊ is the second largest city in New York State. 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.
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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. Manhattan Island, in New York Harbor, is much the largest part of the Borough of Manhattan, one of the Five Boroughs which form the City of New York C. by the Board of Governors of the Federal Reserve System. A board of governors is usually the governing board of a public entity 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. Open market operations are the means of implementing Monetary policy by which a Central bank controls its national Money supply by buying and selling government Treasury securities are Government bonds issued by the United States Department of the Treasury through the Bureau of the Public Debt. Note that the responsibility for issuing new U. S. Treasury securities lies with the Bureau of the Public Debt. The Bureau of the Public Debt is an agency of the United States Department of the Treasury. In 2003, Fedwire, the Federal Reserve's system for transferring balances between it and other banks, transferred $1. Fedwire is a Real Time Gross Settlement Funds Transfer system operated by the Federal Reserve Banks that enables financial institutions to electronically transfer 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. In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how 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 Federal Open Market Committee (FOMC a component of the Federal Reserve System, is charged under U The current president is Timothy F. Geithner. Timothy F Geithner (born August 18, 1961) is the 9th president of the Federal Reserve Bank of New York.
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. Events 534 - A second and final revision of the Codex Justinianus is published Year 1914 ( MCMXIV) was a Common year starting on Thursday (link will display the full calendar of the Gregorian calendar (or a Common year Benjamin Strong Jr (born 1872 Fishkill-on-Hudson New York state - October 1928 was an American Economist. 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. 33 Liberty Street is the current home of the Federal Reserve Bank of New York. An architectural design competition is a special type of Competition in which an organization or government body that plans to build a new (often public building asks for The architectural firm of York and Sawyer produced many outstanding structures exemplary of Beaux-Arts architecture as it was practiced in the United States 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. The metre or meter is a unit of Length. It is the basic unit of Length in the Metric system and in the International By 1927, the vault contained ten percent of the world's official gold reserves. Gold reserves (or gold holdings) are held by Central banks as a Store of value. Currently, it is reputedly the largest gold repository in the world (though this cannot be confirmed as Swiss Banks do not report their gold stocks) and holds approximately 5,000 metric tons of gold bullion ($160 billion as of March, 2008), more than Fort Knox. Gold (ˈɡoʊld is a Chemical element with the symbol Au (from its Latin name aurum) and Atomic number 79 This article is about the tonne or metric ton For other tons see Ton. The United States Bullion Depository, commonly called Fort Knox is a fortified vault building located near Fort Knox Kentucky which is used to store a large The gold is owned by many foreign nations, central banks and international organizations. The Federal Reserve Bank does not 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:
- Timothy F. Geithner, 2003 - present
- William J. McDonough, 1993 - 2003
- E. Gerald Corrigan, 1985 - 1993
- Anthony M. Solomon, 1980 - 1985
- Paul Volcker, 1975 - 1979
- Alfred Hayes, 1956 - 1975
- Allan Sproul, 1941 - 1956
- George L. Harrison, 1928 - 1940
- Benjamin Strong Jr., 1914 - 1928
Fictional accounts
- The 1995 Bruce Willis action movie Die Hard: With a Vengeance depicts a daring robbery of the New York Fed's gold depository. Timothy F Geithner (born August 18, 1961) is the 9th president of the Federal Reserve Bank of New York. William J McDonough, vice chairman and special advisor to the chairman at Merrill Lynch & Co E Gerald Corrigan (born in Waterbury Connecticut on June 13 1941 is an American banker who was the 7th President of the Federal Reserve Bank of New York and Anthony M Solomon ( December 27, 1919 &ndash January 18 2008) was Undersecretary of the Treasury for Monetary Affairs during the Carter Paul Adolph Volcker (born September 5, 1927 in Cape May New Jersey) is an American Economist Alfred Hayes (1910 &ndash October 1989 was an American Banker and an expert in International finance. George L Harrison ( January 26, 1887 - March 5 1958) was an American banker insurance executive and advisor to Secretary of War Benjamin Strong Jr (born 1872 Fishkill-on-Hudson New York state - October 1928 was an American Economist. Year 1995 ( MCMXCV) was a Common year starting on Sunday. Events of 1995 Walter Bruce Willis (March 19 1955 is an American actor and Singer-songwriter. Action movies are a Film genre where action sequences such as fights, Shootouts Stunts Car chases or explosions either take precedence Die Hard with a Vengeance is a 1995 Action film, and the second Sequel in the ''Die Hard'' series.
See also
External links
- Federal Reserve Bank of New York is at coordinates Coordinates:
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