The case illustrates what a tangle of overlapping interests can arise at a hybrid institution like the New York Federal Reserve Bank, especially as the U.S. government, in addressing the financial and economic turmoil, grows ever more deeply enmeshed in American business and banking.
the building assumes a fortress-like presence you would expect from a massive vault containing so much buried treasure located five stories below street level.
Located in the heart of the Financial District in a distinctive Italian Renaissance-revival style building, the Federal Reserve Bank of New York boasts the largest depository gold reserve found anywhere in the world, larger than even Fort Knox, containing 7,000 tons of gold.
Mr. Geithner’s previous posts as president and chief executive of the Federal Reserve Bank of New York put him at the heart of the global economic crisis as it unfolded in 2008.
In general, The Federal Reserve System is reponsible for formulating and executing monetary policy, regulating financial institutions, and maintaining the federal government's financing operations.
The New York Federal Reserve Bank serves the Second Federal Reserve District which consists of New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands.
Forty-five-minute-long tours (conducted six times a day and requiring reservations made at least five days in advance) include a visit to the gold vault, the trading desk, and "FedWorks," a multimedia exhibit center where you can track hypothetical trades. Visitors must show an officially issued photo ID, such as a driver's license or passport, and pass through scanning equipment to enter the building; the Fed advises showing up 20 minutes before your tour to accommodate security screening. Photography is not permitted.
With its imposing mix of sandstone, limestone, and ironwork, the Federal Reserve looks the way a bank ought to: strong and impregnable. The gold ingots in the subterranean vaults here are worth roughly $140 billion—reputedly a third of the world's gold reserves.
In addition, the Federal Reserve System has important roles in operating the nation's payments systems, protecting consumers' rights in their dealings with banks and promoting community development and reinvestment.
The Federal Reserve Bank of New York is one of 12 regional Reserve Banks which, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Fed, as the system is commonly called, is an independent governmental entity created by Congress in 1913 to serve as the central bank of the United States. It is responsible for
formulating and executing monetary policy,
supervising and regulating depository institutions,
providing an elastic currency,
assisting the federal government's financing operations, and
serving as the banker for the U.S. government.