Federal Reserve Bank of New York history

In 1908, the Congress created the National Monetary Commission.

Another key event leading to America's financial reform was the election of Woodrow Wilson as President in 1912.

Nonetheless, the historical journey of the New York Fed is full of interesting facts, and its unique roles and shared responsibilities with the other Federal Reserve Banks help carry the mission of the Federal Reserve System. It may even be argued that the New York Fed’s story began with the signing of the Federal Reserve Act in 1913.

On April 2, 1914, the Reserve Bank Organization Committee announced that twelve Federal Reserve banks would be established to cover the various districts across the country.

In 1921, construction of the new building began and at that time had the deepest basement in Manhattan, five floors (or 80 feet) below street level and 50 feet below sea level.

Prior to the enactment of the Banking Act of 1935, the chief executive officer of each Federal Reserve Bank held the title of governor.

In 1976, the Bank opened a regional office in Utica, New York.

Volcker was reappointed to a second four-year term in 1983 and continued his widely praised performance as manager of the money supply and controller of inflation.

In 1992, the Bank opened an office in East Rutherford, New Jersey to accommodate currency and check processing operations and conduct electronic payments.

In 2000 he was named chairman of the trustees for the International Accounting Standards Board.

In November 2008 United States President-elect Barack Obama selected Volcker to chair his Economic Recovery Advisory Board, a new White House panel established in response to the global financial crisis that had begun that autumn.

Although his proposals initially met with little support within the administration, President Obama eventually backed the Volcker rule, which was incorporated into the financial reform legislation that was passed in 2010.

In January 2011 Volcker announced that he would be stepping down as head of the Economic Recovery Advisory Board.

In 2013 he founded the Volcker Alliance, a nonprofit organization focused on improving the government.