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 and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
After working in the private sector for several years, I wanted to move to a career in public policy. Working at the New York Fed has provided an opportunity to appreciate the pivotal position of central banks in the financial markets and learn about our various roles and responsibilities and ability to effect change in these markets.
As part of Payments Policy, I am directly involved in the oversight of domestic and cross-border payments and settlement systems. I assess some of the largest systemically important systems against internationally established standards for safety and efficiency, and identify and raise any concerns to my management. I am part of the Secretariat for an Oversight Committee, which is the primary forum for conducting oversight of a multicurrency cash settlement system for foreign exchanges transactions. Similarly, I support the Secretariat for the Payments Risk Committee, a Fed-sponsored private-sector industry group of senior U.S. bankers that analyzes issues of broad interest related to risks in payments and settlement systems. Apart from these responsibilities, I also work on policy issues related to the over-the-counter credit derivatives market, as well as off-shore dollar clearing systems.
Challenges and Rewards of My Job
Trying to manage several different projects at the same time can be a challenge but it keeps me engaged and informed about existing and emerging risks issues that need to be analyzed from a policy perspective. It is encouraging when industry participants and infrastructures adopt changes or implement actions in response to our recommendations to improve the safety and stability of the financial system.
How Is the Fed Unique?
The Fed's ability to effectively respond to crises and address risks in the financial markets makes us unique. In recent years, our role in actively promoting international cooperation to achieve the common public policy objectives for the safe and efficient operations of financial markets is noteworthy.