Mount Saint Mary College’s Finance and Investment Club, sponsored by the Student Government Association, recently got some behind the scenes insight at The Federal Reserve Bank of New York (NY Fed).
NY Fed works to make the U.S. economy stronger and the financial system more stable by executing monetary policy, providing financial services, supervising banks, and more.
The visit included a guided tour of the NY Fed museum.
“The visit to Fed’s Museum and Learning Center was an eye-opening experience for students,” explained A. Reza Hossain, professor of Economics. “They got to know who really prints U.S. bills and coins to facilitate the nation’s transactions, and what happens to them when they are retired. They were able to see some 99.8 percent pure gold bars deposited by the U.S. and other central banks, and learn how this played a central role in the historic Bretton Woods framework for international fixed exchange rates.”
The students were given a bag of shredded bills as a keepsake. These bills had worn out and were no longer fit for commerce, thus they were taken out of circulation.
Afterwards, students observed the hustle and bustle of Wall Street while others visited the nearby 9-11 memorial pools.