Federal Reserve Bank of New York, Manhattan, New York
33 Liberty Street is the current home of the Federal Reserve Bank of New York. It is located in downtown Manhattan in New York City. Built in 1924, it is where the monetary policy of the United States is executed by trading dollars and United States Treasuries. In addition, it reportedly holds 25% (unaudited) of the world's existing gold bullion, making it the largest known treasury in the world.
The visual impact of the neo-Renaissance structure derives from its monumental size, fortress-like appearance, fine proportions and the overall quality of construction. It set the precedent for many later banks which were greatly influenced by its design.
Built from 1919 through 1924, this massive building occupies an entire city block, reaching fourteen stories tall with five additional floors underground. The stone exterior is reminiscent of an early Italian Renaissance palace with the horizontal and vertical joints of the stones deeply grooved or rusticated. The building was purposely designed to resemble a Florentine palazzo so as to inspire trust and confidence.
The vault rests on Manhattan's bedrock, 50 feet (15.24 m) below sea level. The weight of the vault and the gold inside would exceed the weight limits of almost any other foundation. The gold belongs to 36 governments and is stored for free, but every time a bar is moved, a handling fee is applied. There are elaborate procedures for the handling of the gold, with three different teams monitoring every transaction.
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U. S. Virgin Islands. Working within the Federal Reserve System, the New York Federal Reserve Bank implements monetary policy, supervises and regulates financial institutions and helps maintain the nation's payment systems.
Among the other regional banks, New York Federal Reserve Bank and its president are considered first among equals. It is by far the largest (by assets), most active (by volume) and most influential of the 12 regional Federal Reserve Banks.