Federal Reserve Bank of New York

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Districts and offices of the Federal Reserve System

The Federal Reserve Bank of New York is one of the most important of the twelve regional banks, which together the Federal Reserve System of the USA form. It is located at 33 Liberty Street in New York City , New York State . The other office in Buffalo (New York) was closed on October 31, 2008. A technical center is located in East Rutherford . The Federal Reserve Bank of New York is responsible for District 2 of the Federal Reserve System, which includes New York State, the 12 northern counties of New Jersey, Fairfield County , Connecticut, Puerto Rico, and the Virgin Islands . The bank was founded in 1913 and has 2,700 employees.

Largest regional Federal Reserve Bank

Since the establishment of the Federal Reserve System, the US monetary policy decided by the Board of Governors of the Federal Reserve System in Washington has been implemented by the Federal Reserve Bank of New York in Manhattan's Finance District. The New York Federal Reserve is the most important and by its assets the largest of the twelve regional banks of the Fed. In New York, the financial metropolis of the USA, the New York Fed is responsible for the conduct of the open market operations , the purchase and sale of the US Treasury Securities issued by the Bureau of the Public Debt . In 2003, Fedwire , the interbank remittance system operated by the Fed to process cash payments between the Fed and commercial banks, moved $ 1.8 trillion a day, of which $ 1.1 trillion originated in its own district, the 2nd Financial District. In addition, securities transactions valued at USD 1.3 trillion were carried out daily, of which USD 1.2 trillion came from its own financial district. The New York Fed is also responsible for implementing the given exchange rate policy . In foreign exchange deals she buys and sells dollars for the United States Treasury Department . The President of the New York Fed is the only one of the presidents of the twelve regional Feds with a permanent seat on the Federal Open Market Committee , where he traditionally serves as the committee's vice-president. The current President of the New York Fed is John C. Williams .

The New York Fed began operations on November 16, 1914, under the direction of Benjamin Strong Jr. , who was previously President of the Bankers Trust Company. He ran the bank until his death in 1928. As the bank grew rapidly in the early years, a new, larger building was soon necessary.

33 Liberty Street bank building

Federal Reserve Bank of New York building

After a public tender, the design by the architects York and Sawyer , which is reminiscent of the early Florentine Renaissance , won. The bank moved into its current premises in the year the building was completed in 1924.

The famous vault of the Federal Reserve Bank of New York sits 26 meters below sea level on the rocks of Manhattan. In 1927, the vault contained 10 percent of the world's official gold reserves . Today, according to the company's own statements, the world's largest gold deposit is located here . With around 8,000 tons of bullion gold, more gold is stored there than in the gold depot in Fort Knox ; in July 2015 these reserves were worth around 272 billion euros. Unlike Fort Knox, most of the gold stored in New York belongs to foreign states, central banks and international organizations. A total of 60 different states have stored parts of their gold reserves here, with the USA itself only owning around 6% according to its own information. If a state decides to withdraw the gold it has stored, a fee of 1.75 US dollars per bar is due (as of 2008). Free public tours are also offered.

Previous presidents

Presidents since the bank was founded:

Representation in films

Individual evidence

  1. ^ New York Fed Announces Closing of Buffalo Branch, Effective October 31 - Federal Reserve Bank of New York
  2. ↑ www.newyorkfed.org About the Fed> What We Do. Accessed July 6, 2013.
  3. ↑ https://web.archive.org/web/20160520151320/http://www.stern.de/wirtschaft/news/goldreserve-der-letzt-schatz-der-deutschen-3064846.html
  4. ↑ Tour through the vault

Web links

Coordinates: 40 ° 42 ′ 30 ″  N , 74 ° 0 ′ 31 ″  W.