Terms of Use
Welcome to the website of the Federal Reserve Bank of New York (the “Bank”).

Acceptance of Terms of Use 
By accessing, viewing, downloading or otherwise using this website or any webpage, content or feature available through the website, or any related emails, newsletters or services (hereinafter collectively the “Services”), or by clicking “Signup” during the registration process, you signify that you have read, understand and agree to be bound by these Terms of Use. Your use of the Services may also be subject to additional terms, conditions, agreements and privacy policies of third parties providing services or content on the website, including those of TypePad and Taleo and providers of images or multimedia content on the website.

If you do not agree with any portion of these Terms of Use you may exit the website and not continue the session or make use of any Services. However, if you continue to use the website or the Services you implicitly consent to these Terms of Use.

Privacy Policy Monitoring and Use of Personal Information
The Bank's website and firewall are subject to monitoring by Bank personnel. You expressly consent to such monitoring and are advised that any evidence of criminal activity may be provided to law enforcement officials.

Sections of this website, such as the "employees only" tab, may be accessed only by authorized users (that is, users who have been provided with a valid user ID and password by the Bank).

If you provide personal information, such as your mailing or e-mail address, telephone or fax numbers, or other demographic and customer information, we will not share (disclose, or sell) it to third parties. However, as noted above, personal information you provide to third parties is subject to separate privacy policies of such third parties.

This website uses transient, memory-resident "cookies" in several shopping cart type applications (e.g., the Bank’s publications catalog, tour reservation services and careers center) to link individual client browser pages to a unique client session. Cookies are invoked by using any of these shopping cart applications and disappear when the browser is closed.

If you choose to order from the publications catalog or book a tour, the Bank takes steps to protect the personal information you provide. The catalog uses Secure Sockets Layer (SSL), a security standard, to protect your personal information. This is done by encrypting the information transmitted between the Bank’s server and your browser. SSL is invoked when you begin the "checkout" process, resulting in a URL that starts with HTTPS://. Your browser may respond by displaying a message similar to this:

If so, click "continue" and proceed with your order.

To maintain the privacy of your information and use this website as intended, a browser able to support cookies and SSL is required. That is, the minimal browser is Microsoft Internet Explorer 4 or Netscape Navigator 6. Other browsers may work but the Bank has not tested them with the Services.

The Bank also uses persistent cookies intended to track traffic patterns on this website that collect data on domain name, browser type and MIME type. The Bank does not correlate this information with data about individual users, such as your name and address. Please read our instructions on disabling your browser's persistent cookies if you wish to prohibit this data collection.

Disabling Your Browser's Persistent Cookies »

As noted above, your use of the Services may also be subject to privacy policies of third parties.

Eligibility 
The Services are not intended for users under the age of 13. By using the Services, you warrant that you are at least 13 years of age.

Warranties
The Bank provides no warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose, title, quality or non-infringement of the Services or any information contained on the website in any form or manner whatsoever.

Reproduction of Content 
Except as limited by these Terms of Use, you may reproduce any information contained on the Bank's website if the reproduced information is not used for private gain. This does not apply to other websites that may be linked to or from the Bank's website. They are governed by the individual policies of the relevant providers. Some of the images and multimedia content on the website have been provided by third parties. You may not download or print any such images for any use other than your personal use and you may not republish, retransmit or reproduce any such images.

Third Party Services 
Software of third parties or links to third-party websites are provided on the Bank’s website as a convenience to users. The Bank is not responsible for any third-party software or for the content of any linked site or any link contained in a linked site, and cannot attest to the accuracy of information provided by such linked sites. You acknowledge and agree that your use of any third-party software or links is at your own risk. Linking to another website or providing third-party software from this website does not constitute or imply an endorsement or recommendation by the Bank.

Reference to any specific commercial product, process or service does not constitute or imply an endorsement or recommendation by the Bank.

RSS Feeds 
The Bank offers Really Simple Syndication (RSS) as a free service as long as it is used for non-commercial purposes and its use is accompanied by proper attribution to the Bank as the source. In addition, while using the Bank’s RSS service, you may not directly or indirectly suggest any endorsement or approval by the Bank of your website.

Accessibility 
The Bank is committed to making every page on its public website accessible to the widest possible audience, including people with visual disabilities using screen-reading software.

Many of the documents on the Bank’s web server are in HTML and are usually accessible to screen-reading software. The Bank also has a large number of documents in Adobe Acrobat* Portable Document Format (PDF), a type that reproduces the exact look of a printed page. PDF documents are displayed through Adobe's free Acrobat Reader which may require additional steps to become accessible to screen readers. In addition, when using the website's main search engine PDF documents are also displayed as a text document.
Download Adobe's free Acrobat Reader 

PDFs found on this site may be accessible to some screen readers (except for some complex formatting, including graphics and some tables). The Bank follows software developments and will endeavor to make all elements of PDF documents accessible to screen readers as such capabilities become available. If a PDF is not accessible to your screen reader, you can use a free translation service provided by Adobe through their access.adobe.com website, which will translate PDFs to web pages (HTML documents) or to plain text (again except for some complex formatting). Adobe accessability 

The paragraphs below describe the use of Adobe's translation service and how to obtain paper copies of PDF documents that are on the Bank's website.

The Adobe translation service can be used in one of two ways:

At the website of the Adobe translation service, you can fill out a form, giving the address of the document to be translated. When the form is submitted, the service will translate the PDF document to a web page and return it immediately to the user. For instructions, see:
Adobe Acrobat accessibility: Adobe PDF Conversion by Simple Form offsite

At the website of the Adobe translation service, you can send an e-mail message, giving the address of the document to be translated. The service will then translate the document, but in this case the user can choose to have the document translated either to a web page or to plain ASCII text. Only this method will provide the requestor translation to plain text. For instructions, see:
Adobe Acrobat accessibility: Adobe PDF Conversion by Email
 offsite

Other Means of Obtaining Documents
If you are seeking a document that is not accessible to you through this website, and want to obtain a paper copy of it, you may submit a request by e-mail to general.info@ny.frb.org. You may also call the Bank's Public Affairs Department at (212) 720-6130 between the hours of 8:30 am and 5:00 pm eastern time.

The Bank invites comments on our accessibility policies. You may send a letter or e-mail to:
Webmaster - Web Communications
Federal Reserve Bank of New York
33 Liberty Street
New York New York 10045
E-mail: webmaster@ny.frb.org

The Bank’s website has been created to be viewed in the commonly used browsers. The Bank has tested the website with many browser and printer combinations. However, it is impossible to test all possible configurations. We are aware that some users may experience printing problems with older versions of the Netscape Navigator browser.

*Acrobat and the Acrobat logo are trademarks of Adobe Systems Incorporated.

Digital Millennium Copyright Act 
The Bank undertakes to obey all relevant copyright laws, and does not permit infringement of copyright or other intellectual property rights on its websites. The Bank will review all claims of copyright infringement it receives and remove content deemed to have been posted or distributed in violation of law.

The Bank will promptly terminate without notice any registered user's access to its limited access websites if the Bank determines that user to be a "repeat infringer." A repeat infringer is a registered user who has been notified that such user’s activity infringes copyright or other intellectual property rights more than twice or whose user-submitted content has been removed from the Bank's website more than twice. The Bank may also at its sole discretion limit access to any limited access Services or terminate registration for any limited access Service of any users who infringe any intellectual property rights of others, whether or not there is any repeat infringement.

(a) If you are a copyright owner or an agent of a copyright owner and believe that any user content or other content infringes upon your copyrights, you may submit a notice pursuant to the Digital Millennium Copyright Act ("DMCA") by providing the Bank with the following information in writing (see 17 U.S.C 512(c)(3) for further detail):

1. Your physical or electronic signature (or the physical or electronic signature of a person authorized to act on your behalf);

2. A description of the copyrighted work you claim to have been infringed or, if you claim multiple copyrighted works have been infringed, a representative list of such works on the Bank’s website;

3. A description of the material you claim to be infringing or to be the subject of infringing activity and information reasonably sufficient to permit the Bank to locate the material so that it may be removed or access to it may be disabled;

4. Your contact information, including your address, telephone number, and e-mail;

5. A statement that you have a good-faith belief that use of the material in the manner of which you have complained is not authorized by the copyright owner, its agent, or the law; and

6. A statement that the information in the notification is accurate and, under penalty of perjury, that you are authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

(b) If you believe that your user content that was removed or to which access was disabled is not infringing, or that you have the authorization from the copyright owner, the copyright owner's agent, or pursuant to the law, to post and use the content in your user content, you may send a counter-notice containing the following information:

1. Your physical or electronic signature;

2. A description of the material that has been removed or to which access has been disabled and the location at which the material appeared before it was removed or access to it was disabled;

3. A statement under penalty of perjury that you have a good-faith belief that the material was removed or access to it was disabled as a result of mistake or misidentification of the material;

4. Your name, address, telephone number, and e-mail address;

5. A statement that you consent to the jurisdiction of the United States district court for the judicial district in which your address is located or, if you are outside the United States, to the jurisdiction of the United States district court for the Southern District of New York; and

6. A statement that you will accept service of process from the person who provided the Bank with notification of the alleged infringement or that person’s agent.

If a counter-notice is received by the Bank, the Bank will send a copy of the counter-notice to the original complaining party informing that person that it may replace the removed material or cease disabling access to it in 10 business days. Unless the original complaining party files an action seeking a court order against the content provider, member or user, the Bank may replace the removed content or restore access to it in 10 to 14 business days following receipt of the counter-notice.

(c) DMCA notices and counter-notices should be sent to research.publications@ny.frb.org, or Webmaster - Web Communications, Bank, 33 Liberty Street, New York New York 10045.

Registration and Termination You agree to:

  1. provide true, accurate, current and complete information about you as you may be prompted by any registration forms on the Bank’s website;
  2. maintain and promptly update registration information to keep it accurate, current and complete;
  3. maintain the confidentiality and security of your password and identification;
  4. be solely and fully responsible for all use of your account and for any actions that take place using your account; and
  5. transfer your data, including personally identifiable information, and content to the United States, if you are using the Services from outside of the United States.

You agree not to:

  1. create an account for anyone other than yourself;
  2. attempt to cloak or conceal your identity when registering or using the Services;
  3. use the Services, including the Bank’s website if you are under the age of 13; or
  4. share your password, let anyone else access your account or take other actions that might compromise the security of your account.

You may terminate your license to use the Services, or any registration you have for the Services by discontinuing use of the Services. The Bank may terminate your license, your account or your use of the Services and remove or discard all or any part of your registration data or user content at any time without prior notice for any reason at its sole discretion. The Bank may alter or eliminate Services at any time without notice.

User-Submitted Content and Content Licenses 
You may submit comments (“User Submissions”) in respect of the Liberty Street Economics blog and you understand and agree that such submissions are not confidential. You are solely responsible for your own User Submissions and the consequences of posting or publishing them.

In connection with User Submissions, you affirm, represent, and/or warrant that:

1. You own or have the necessary licenses, rights, consents, and permissions to use and authorize Bank to use all patent, trademark, trade secret, copyright, other intellectual property rights or proprietary rights in and to any and all User Submissions to enable inclusion and use of the User Submissions in the manner contemplated by the Liberty Street Economics blog and these Terms of Use.

2. Your User Submission is not confidential and does not and will not: (a) infringe, violate, or misappropriate any third-party right, including any copyright, trademark, patent, trade secret, moral right, privacy right, right of publicity, or any other intellectual property or proprietary right; (b) slander, defame, or libel any other person; (c) violate any contractual restrictions or other third party rights; or (d) violate these Terms of Use; and

3. Your User Submission does not contain any viruses, adware, spyware, worms, or other malicious code.

You retain all of your ownership rights in your User Submissions. However, by submitting User Submissions to the website, you hereby grant the Bank a perpetual, irrevocable, worldwide, non-exclusive, royalty-free, sublicenseable and transferable license to use, reproduce, distribute, prepare derivative works of, display, and perform the User Submissions in connection with the Liberty Street Economics blog and the Bank's business, including without limitation for promoting and redistributing part or all of the Liberty Street Economics blog (and derivative works thereof) in any media formats and through any media channels without acknowledgment or compensation to you. You understand and agree that the Bank may retain server copies of User Submissions that have been removed or deleted.

By submitting User Submissions to the Bank’s website, you also hereby grant each user of the Services a perpetual, irrevocable, worldwide, non-exclusive, royalty-free license to access your User Submissions through the Bank’s website, and to use, reproduce, distribute, display and perform such User Submissions as permitted through the functionality of the website and under these Terms of Service. Such licenses granted by you in User Submissions are perpetual and irrevocable.

You agree that you will not submit material that is copyrighted, protected by trade secret or otherwise subject to third-party proprietary rights, including privacy and publicity rights, unless you are the owner of such rights or have permission from their rightful owner to post the material and to grant the Bank all of the license rights specified in these Terms of Use.

You agree that you will not submit material that is contrary to these Terms of Use, which may be updated from time to time, or contrary to applicable local, national, and international laws and regulations.

You acknowledge and accept the Comment Guidelines located in the left-hand column of the Liberty Street Economics blog.

The Bank does not endorse any User Submission or any opinion, recommendation, or advice expressed in User Submissions, and the Bank expressly disclaims any and all liability in connection with User Submissions. The Bank reserves the right to remove User Submissions without prior notice.

The Bank is not responsible for a user’s misuse or misappropriation of any content or information you post.

The following restrictions and conditions apply specifically to your use of content on the Bank’s website.

  1. You agree to not engage in the use, copying, or distribution of any of the content of the Bank’s website, including any User Submissions, other than expressly permitted in these Terms of Use.
  2. You understand that when using the Bank’s website, you may be exposed to User Submissions from a variety of sources, some of which you may find inaccurate, offensive, indecent, or objectionable. The Bank is not responsible for the accuracy, usefulness, safety or appropriateness of or relating to such User Submissions.
  3. The website may contain links to third-party websites that are not owned or controlled by the Bank. The Bank has no control over, and assumes no responsibility for, the content, privacy policies or practices of any such websites.
  4. You agree to waive, and hereby do waive, any legal or equitable rights or remedies you have or may have against the Bank with respect to third-party websites or content, and agree to indemnify and hold the Bank and its officers, employees and agents harmless to the fullest extent allowed by law regarding all matters related to your use of the Services.
  5. You are solely responsible for your interactions with other users that provide User Submissions.

The Bank reserves the right not to post any User Submission for any reason. The Bank may remove User Submissions and/or terminate a user's access for uploading material in violation of these Terms of Use at any time, without prior notice.

The Bank may refer any suspected fraudulent, abusive or illegal activity to appropriate law enforcement authorities. These remedies are in addition to any other remedies the Bank may have at law or in equity.

Changes to Terms of Use 
Only the Bank may amend these Terms of Use may and the Bank reserves the right to update, modify or change them from time to time without notice. You understand and agree that your continued use of the Services, including the Bank’s website, after the date on which these Terms of Use have changed constitutes your acceptance of the new Terms of Use. If a modification is unacceptable to you, you may terminate your agreement by ceasing to use the Services.

Limitation of Liability 
THE BANK IS NOT, UNDER ANY CIRCUMSTANCES, LIABLE TO YOU FOR DAMAGES OF ANY KIND ARISING OUT OF IN CONNECTION WITH USE OF OR INABILITY TO USE THE BANK’S WEBSITE OR SERVICES, FOR ANY INFORMATION, CONTENT, MATERIALS CONTAINED ON OR MADE AVAILABLE TO YOU THROUGH THE BANK’S WEBSITE, INCLUDING, BUT NOT LIMITED TO DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, SPECIAL OR EXEMPLARY DAMAGES, WHETHER BASED ON BREACH OF CONTRACT, BREACH OF WARRANTY, TORT OR OTHER LEGAL OR EQUITABLE THEORY, EVEN IF THE BANK HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSS AND REGARDLESS OF WHETHER SUCH DAMAGES OR LOSS IS FORESEEABLE. UNDER NO CIRCUMSTANCES IS THE BANK LIABLE TO YOU FOR ANY AMOUNT.

Release and Waiver 
To the maximum extent permitted by law, you hereby release and waive all claims against the Bank, and its officers, agents, and employees from any and all liability for claims, damages, costs and expenses (including litigation costs and attorney’s fees) of every kind and nature, arising from or in any way related to your use of the Services. You understand that any fact relating to any matter covered by this release may be found to be other than now believed to be true and you accept and assume the risk of such possible differences in fact. In addition, you expressly waive and relinquish, to the maximum extent permitted by law, any and all rights and benefits which you may have under any other state or federal statute or common law principle of similar effect.

Indemnification 
You agree to indemnify and hold harmless the Bank and its officers, agents, and employees from and against any and all claims, damages, liabilities, costs and expenses (including litigation costs and attorneys' fees) arising from or in any way related to your use of the Services, including any liability or expense arising from all claims, losses, damages (actual and/or consequential), suits, judgments, litigation costs and attorneys' fees, of every kind and nature.

Invalidity of Specific Terms 
If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, you agree that the other provisions remain in full force and effect.

Location of Lawsuit and Choice of Law 
These Terms of Use and the relationship between you and the Bank is to be construed and enforced in accordance with the federal law of the United States and, in the absence of controlling federal law, with the laws of the State of New York. The exclusive jurisdiction for any legal action or proceeding regarding these Terms of Use shall be the United States district court for the Southern District of New York located in New York, New York, and you agree to irrevocably submit to the jurisdiction and venue of that court in any such action or proceeding.

*Acrobat and the Acrobat logo are trademarks of Adobe Systems Incorporated.

Updated: March 2012