Federal Reserve Bank of New York


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Federal Reserve Bank of New York

 

one of the Federal Reserve banks of the Federal Reserve System of the USA, in which it occupies a leading position. Established in 1914, the Federal Reserve Bank of New York is located in the largest financial center of the USA; it maintains a branch in Buffalo, N.Y. The bank, in addition to carrying out the internal functions of the central bank, also acts as an agent of the US Treasury in financial transactions abroad and helps regulate the exchange rate of the US dollar. In December 1976 the bank’s total balance was $32 billion. Its capital and reserves totaled $500 million, and its issued currency amounted to $21.7 billion. Reserves of member banks totaled $4.8 billion. The US Treasury’s account was $2.5 billion, and government bonds amounted to $27.6 billion.

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Kaufman was in commercial banking and served as an economist at the Federal Reserve Bank of New York.

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