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.
New York Fed Statement on GAO Review of Assistance to AIG
October 31, 2011
The GAO report captures the difficult challenges and decisions that the New York Fed faced with regard to AIG during the worst financial crisis in generations. Although the New York Fed was not responsible for supervising AIG and had only limited visibility into the depths of its problems, the New York Fed, as directed by the Board of Governors of the Federal Reserve and in close cooperation with the U.S. Department of the Treasury, put together an effective lending program that minimized disruption to the economy from AIG while safeguarding the taxpayer interest.