Federal Reserve Bank Of New York

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The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York City, New York State 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 Financial District has been where monetary policy in the United States is implemented, although policy is decided in Washington 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 United States, the New York Fed is responsible for conducting open market operations -- the buying and selling of outstanding Treasury security. 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 Federal Reserve's Board of Governors. 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 & 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 26 meters (86 ft) below sea level, resting on Manhattan bedrock. By 1927, the vault contained ten percent of the world's official gold reserves. 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). In the US The FRBNY's stocks are larger even than United States Bullion Depository, it is 25 meters (80 ft) beneath the street and holds approx 5,000 megagram (tonnes) of gold bullion ($90 billion worth at 2007 prices). The gold is owned by many foreign nations, central banks and official 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 (banker), 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.