Federal Reserve Bank of New York

About Federal Reserve Bank of New York

The Federal Reserve Bank of New York works within the Federal Reserve System and with other public and private sector institutions to foster the safety, soundness and vitality of our economic and financial systems.

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.

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 New York Fed oversees the Second Federal Reserve District, which includes New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity.

The New York Fed employs about 2,700 officers and staff at the head office and the regional office in East Rutherford, New Jersey.

In addition to responsibilities the New York Fed shares in common with the other Reserve Banks, the New York Fed has several unique responsibilities, including conducting open market operations, intervening in foreign exchange markets, and storing monetary gold for foreign central banks, governments and international agencies. Foremost among its functions is the implementation of monetary policy, one of the three missions of the New York Fed. The other two are supervision and regulation, and international operations.


Research Analyst

June 2019 - August 2019 New York City, NY
“Culture was great, ie no IB hours, and everyone was relaxed as expected of the research department Worked with several economists one on one, gave a lot of insight into the research being done for relevant policies Everyone in the intern cohort was smarter than you, so great for motivation Projects actually mattered: Project I worked on has a chance on becoming the starting point for someone's paper later on. ”

Sophomore Summer Analyst

June 2020 - July 2020 New York City, NY
“I enjoyed how flexible the Fed was, given our current circumstances. The entire internship program was seamlessly transformed into an online rotational internship. I got to experience 6 of the groups within the Fed, which gave me an extremely well-rounded and informative understanding of the Bank's various functions and responsibilities. I really enjoyed how much interaction the interns had with senior economists and department managers. Everyone was very outgoing and easy to speak with; in fact, they were very enthusiastic about the interns' experiences, and would often take time out of their busy calendars to have virtual 1-on-1 coffee chats or lunch and learn discussions with us. Overall, I learned so much and realized how much I loved the Fed's collaborative and collegial culture. ”
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