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The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. 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 U.S. Virgin Islands. Located at 33 Liberty Street, New York, New York, it is by far the largest (by assets), most active (by volume) and most influential of the Reserve Banks.
The Federal Reserve Bank of New York acts as the market agent of the Federal Reserve System (as it houses the Open Market Trading Desk, which executes transactions for the System Open Market Account), the sole fiscal agent of the U.S. Department of the Treasury, the bearer of the Treasury's General Account, and the custodian of the world's largest gold storage reserve, in addition to having the same responsibilities and tasks as the other Reserve Banks.
Among the other regional Reserve banks, the New York Fed and its president are therefore considered first among equals. Its current president is John C. Williams.
In 2009, the Bank commissioned a probe into its own practices. David Beim, finance professor at Columbia Business School submitted a report in 2009, released by the Financial Crisis Inquiry Commission in 2011, saying "that a number of people he interviewed at the reserve bank believe that supervisors paid excessive deference to banks and, as a result, they were less aggressive in finding issues or in following up on them in a forceful way".
Paul Moritz Warburg (August 10, 1868 – January 24, 1932) was a German-born American investment banker who served as the 2nd Vice Chair of the Federal Reserve from 1916 to 1918. Prior to his term as vice chairman, Warburg appointed as a member of the Federal Reserve Board of Governors since 1914. He was an early advocate of the US central bank system.
https://en.wikipedia.org/wiki/Paul_Wa...
In 2012, Carmen Segarra, then an examiner for the Bank, told her superiors that Goldman Sachs had no policy governing conflicts of interest. She was dismissed in May 2012 and brought a lawsuit for whistle-blower retaliation in October 2013. In April 2014 the U.S. District court in Manhattan dismissed the case, "ruling that Segarra failed to make a legally sufficient claim under the whistle-blower protections of the Federal Deposit Insurance Act". In September 2014, Segarra's secretly recorded conversations were aired by This American Life and the Bank was accused of political corruption by being a "captured agency", i.e., subject to regulatory capture, of the banks which it supervises.
In the first Godfather movie, the "meeting of the Dons" scene uses the Federal Reserve building exterior, even though the interior of another New York building (the Penn Central railway boardroom) was also used for filming.
Paul Moritz Warburg (August 10, 1868 – January 24, 1932) was a German-born American investment banker who served as the 2nd Vice Chair of the Federal Reserve from 1916 to 1918. Prior to his term as vice chairman, Warburg appointed as a member of the Federal Reserve Board of Governors since 1914. He was an early advocate of the US central bank system.
https://en.wikipedia.org/wiki/Paul_Wa...
