The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bank’s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.
NY FED USE OF EXPANDED COLLATERAL EXTENDED BY FOMC
NEW YORK -- On March 21, the Federal Open Market Committee (FOMC) voted to approve a temporary extension through January 2001 of the expanded list of securities eligible as collateral in repurchase transactions undertaken by the Federal Reserve Bank of New York (FRBNY) in the management of banking system reserves.
At its August 24, 1999 meeting, the FOMC had approved the use of an expanded list of eligible collateral in order to improve the FRBNY's ability to address expanded reserve needs anticipated for the fourth quarter of 1999. At that time, the FOMC agreed to review the FRBNY's experience with the expanded range of eligible collateral prior to the expiration of the authorizationin April of this year. At its March 21 meeting, the FOMC did review that experience and voted to extend temporarily the FRBNY's ability to accept the broader list of eligible collateral.