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Updated live from Wikipedia, last check: June 03, 2012 06:55 UTC (36 seconds ago)

From Wikipedia, the free encyclopedia

The tenth and incumbent President of the Federal Reserve Bank of New York William Dudley

The Federal Reserve Bank of New York (New York Fed) is one of 12 regional reserve banks of the Federal Reserve System, which is the American central bank. It is described as being the most important of the banks, due to it being in the the world's center of finance and serving as the Federal Open Market Committee's operating arm. This is also due to its conducting of open market operations and foreign exchange market intervention.[1]

The former title for the chief executive officer of the New York Fed was governor and was renamed to president due to the Banking Act of 1935.[2] Akin to all other reserve bank presidents, the President of the New York Fed is nominated by the Board of Directors of the New York Fed and is approved by the Board of Governors of the Federal Reserve System.[1] The Federal Reserve Act states that the president of a Federal Reserve Bank is the chief executive officer of the bank in question and has a term that ends the last day in February in years ending in 1 or 6. Reserve Bank presidents must retire when they reach the age of 65, nevertheless, if the Board of Governors allows, a president who assumed his position after age 55 may serve until they have served 10 years or reached age 70, whichever is attained first.[3] The areas of the bank involved in business report to both the President and First Vice President of the New York Fed. They in turn report to the Board of Directors of the New York Fed.[4] The President of the New York Fed is a permanent member of the Federal Open Market Committee, which is responsible for open market operations.[5]

The Federal Reserve Bank of New York has had ten presidents since its inception, of which some have gone on to hold positions in government. Benjamin Strong, Jr., who had been the president of Bankers Trust Company, became the first President of the New York Fed on October 5, 1914.[6] He said the bank at that point "consisted of little more than a copy of the Federal Reserve Act," but it consumed 100 million US dollars from 211 member banks during the course of that day.[7] United States President Jimmy Carter appointed former New York Fed President Paul Volcker as Chairman of the Federal Reserve in 1979 and US President Ronald Reagan reappointed him in 1983.[8] US President Barack Obama later appointed him to be the first Chairman of the President's Economic Recovery Advisory Board on February 6, 2009.[9] President Obama also appointed former New York Fed President Timothy Geithner to be the United States Secretary of the Treasury and he was confirmed by the Senate on January 26, 2009.[10]

Contents

Key

Paul Volcker, the fifth President of the New York Fed and later Chairman of the Federal Reserve
† Stepped down due to reaching retirement age
* Died in office

Governors and Presidents

The ninth President of the New York Fed, Timothy Geithner, who is now the incumbent Secretary of the Treasury
# CEO Life span Term start Term end Ref
Governors
1 Benjamin Strong, Jr.* 1872–1928 October 5, 1914 October 1928 [2][6]
2 George L. Harrison 1887–1958 1928 — —
Presidents
– George L. Harrison 1887–1958 — December 1940 [11]
3 Allan Sproul 1896–1978 January 1941 June 1956 [12]
4 Alfred Hayes 1910–1989 August 1, 1956 August 1, 1975 [13]
5 Paul Volcker 1927– August 1, 1975 August 5, 1979 [14]
6 Anthony M. Solomon† 1919–2008 April 1, 1980 December 31, 1984 [15]
7 E. Gerald Corrigan 1941– January 1, 1985 July 19, 1993 [16]
8 William J. McDonough 1934– July 19, 1993 June 10, 2003 [17]
9 Timothy Geithner 1961– November 17, 2003 January 26, 2009 [10]
10 William Dudley 1953– January 27, 2009 incumbent [18][19]

References

  1. ^ a b Keleher, Dr. Robert (March 1997). "The Importance of the Federal Reserve" (.pdf). Joint Economic Committee; [United States House of Representatives. pp. 5–6. http://www.house.gov/jec/fed/fed/fed-impt.pdf. Retrieved 2009-06-05.  
  2. ^ a b "Business & Finance: Death of Strong". Time. 1928-10-29. http://www.time.com/time/magazine/article/0,9171,928986,00.html. Retrieved 2009-06-05.  
  3. ^ "Frequently Asked Questions (Who are the Federal Reserve Bank presidents?)". Federal Reserve Bank of New York. http://www.ny.frb.org/aboutthefed/faq.html. Retrieved 2009-06-05.  
  4. ^ "Organization". Federal Reserve Bank of New York. http://www.ny.frb.org/aboutthefed/org_chart.html. Retrieved 2009-06-05.  
  5. ^ "Federal Open Market Committee". Federal Reserve System. http://www.federalreserve.gov/monetarypolicy/fomc.htm. Retrieved 2009-06-05.  
  6. ^ a b "Benjamin Strong Jr.". Federal Reserve Bank of New York. http://www.ny.frb.org/aboutthefed/BStrongbio.html. Retrieved 2009-06-05.  
  7. ^ "The Founding of the Fed". Federal Reserve Bank of New York. http://www.newyorkfed.org/aboutthefed/history_article.html. Retrieved 2009-06-05.  
  8. ^ "Paul A. Volcker". Council on Foreign Relations. http://www.cfr.org/bios/451/paul_a_volcker.html. Retrieved 2009-06-05.  
  9. ^ "Obama Announces Economic Advisory Board". The White House. 2009-02-06. http://www.whitehouse.gov/the_press_office/ObamaAnnouncesEconomicAdvisoryBoard/. Retrieved 2009-06-05.  
  10. ^ a b "Senate Confirms Geithner To Head Treasury". The Washington Post. 2009-01-26. http://voices.washingtonpost.com/economy-watch/2009/01/geithner_by_senate.html?hpid=topnews. Retrieved 2009-06-05.  
  11. ^ "George L. Harrison". Federal Reserve Bank of New York. http://www.newyorkfed.org/aboutthefed/GHarrisonbio.html. Retrieved 2009-06-05.  
  12. ^ "Allan Sproul". Federal Reserve Bank of New York. http://www.newyorkfed.org/aboutthefed/ASproulbio.html. Retrieved 2009-06-05.  
  13. ^ "Alfred Hayes". Federal Reserve Bank of New York. http://www.ny.frb.org/aboutthefed/AHayesbio.html. Retrieved 2009-06-05.  
  14. ^ "Paul Volcker". Federal Reserve Bank of New York. http://www.ny.frb.org/aboutthefed/PVolckerbio.html. Retrieved 2009-06-05.  
  15. ^ "Anthony M. Solomon". Federal Reserve Bank of New York. http://www.ny.frb.org/aboutthefed/ASolomonbio.html. Retrieved 2009-06-05.  
  16. ^ "E. Gerald Corrigan". Federal Reserve Bank of New York. http://www.ny.frb.org/aboutthefed/ECorriganbio.html. Retrieved 2009-06-05.  
  17. ^ "William J. McDonough". Federal Reserve Bank of New York. http://www.ny.frb.org/aboutthefed/orgchart/mcdonough.html. Retrieved 2009-06-05.  
  18. ^ "New York Fed Names William C. Dudley President". Federal Reserve Bank of New York. http://www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090127.html. Retrieved 2009-06-05.  
  19. ^ "William C. Dudley". Federal Reserve Bank of New York. http://www.newyorkfed.org/aboutthefed/orgchart/dudley.html. Retrieved 2009-06-05.  

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