The Legal Function's mission is to provide high-quality legal services to the New York Fed. The function is headed by the Bank's general counsel and is divided into three divisions, each headed by a deputy general counsel.
The Legal Fellow Honors Program is designed to give lawyers the opportunity to work at the Federal Reserve Bank of New York for a period of two years. Legal Fellows will rotate through the various functions in the Legal Group and may work on a variety of matters including: financial institution supervision and regulatory matters, regulatory enforcement investigations, financial services, conflicts of interests, and other compliance and ethics questions.
You will report to the COO of the Group Ops & Strategy in Legal.
Working at the New York Fed positions you at the center of the financial world with a unique perspective on national and international markets and economies. You'll work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It's a challenge that demands the skills of a financial services professional and the intellectual curiosity of an academic—all combined with a passion for public service. Working here provides talented students the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century.
The Legal Function's mission is to provide high-quality legal services to the New York Fed. The function is headed by the Bank's general counsel and is divided into three divisions, each headed by a deputy general counsel:
The Bank Supervision and Markets Division (BSM) provides legal advice in connection with (i) financial institution supervisory and regulatory matters, including legal support for supervision and regulatory reporting and legal analysis of regulatory applications; (ii) the Bank’s open market, U.S. Treasury auction, foreign exchange, reference rate and discount window operations; and (iii) the Bank’s external and sponsored committees. BSM also tracks legislative affairs for the Bank, and the head of the division oversees the Bank Applications Function.
The Enforcement, Litigation, Police, Investigations and Corporate Affairs Division (ELPICA) handles all litigation for the Bank and pursues regulatory enforcement investigations and actions against financial institutions in the Second Federal Reserve District. In addition, ELPICA conducts investigations of internal Bank matters and advises with respect to the Bank's corporate affairs, including human resources and employment law matters. The head of the division also oversees the Bank's police arm, the Law Enforcement Unit.
The Financial Services, Technology, and Contracts Division (FSTC) provides legal support for the areas of the Bank that are responsible for financial services, including the Fedwire services, international and domestic currency and coin distribution, and account services for the U.S. Treasury, foreign central banks and international organizations, depository institutions, and other account-holders. FSTC also advises with respect to contract, procurement, and technology matters for the Bank, including software licenses and cloud computing.
- Third-year law student or recent law school graduate participating in a judicial clerkship, or law fellowship for a period of two years or , such as with a public service organization, a foundation, a federal, state or municipal agency Honors Program who have taken or plan to take the Connecticut, New York or New Jersey State Bar Exam.
- J.D. from an accredited law school.
- Strong academic background.
- Strong analytical and organizational abilities.
- Poise and maturity to deal directly with client.