Federal Reserve Bank of New York

THE SCOOP


The big bank

 

The Federal Reserve Bank of New York is the largest of the 12 regional banks in the Federal Reserve System. The system acts as the central bank for the United States, and is responsible for regulating the flow of money by setting interest rates, overseeing the regulation of the banking industry and providing banking services to the federal government. The FRBNY does not operate individual accounts.

 

In November 2003, Timothy F. Geithner became the bank's President and CEO. Prior to the appointment, Geithner served as director of the Policy Development and Review Department in the International Monetary Fund of Washington, D.C., and served as Under Secretary of the Treasury for International Affairs.

 

Getting a grip

 

The FRB was established by President Woodrow Wilson in 1913 in response to the need for more government control over the economy; by creating an institution to manipulate interest rates, the FRB provided a powerful measure of control over the flow of money. As a concession to populist opponents, the FRB was set up in a decentralized structure, with each of the 12 regional banks having its own board of directors, drawn from local commercial leaders and a member list of private banks. The regional banks opened in 1914. The boards of directors are nominated by their member banks; the boards, in turn, elect the president.

 

But what does it do?

 

The New York Fed, though small in geographic territory (it covers New York State, 12 counties in New Jersey, Fairfield County in Connecticut, Puerto Rico and the Virgin Islands), is the largest of the banks in terms of volume and assets--indeed, the Bank's New York City headquarters holds billions of dollars in gold and securities in its vault (the bank also has a branch in Buffalo and local offices in Utica and East Rutherford, N.J.). Alongside the monetary and regulatory duties shared among all regional banks, the New York Fed also has unique responsibilities: open-market operations, intervening in foreign exchange markets, and storing gold for foreign governments and international agencies.  In fact, the New York Fed offers its banking and financial services to over 200 foreign central banks, foreign governments, and international official institutions. Additionally, the New York Fed's president is the only regional Bank president with a permanent vote on the Federal Open Market Committee.

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Federal Reserve Bank of New York


33 Liberty St.
New York, NY 10045
Phone: (212) 720-5000
Fax: (212) 720-7459
www.newyorkfed.org

STATS


  • Employer Type: Government Agency
  • CEO: Timothy F. Geithner
  • 2002 Employees: 3,000

Key Financials

  • 2002 Income: $10,503 million
  • 2002 Revenue: $11,111 million

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