Students participating in the Hamilton New York City Program visited the Federal Reserve Bank of New York for a guided tour of its museum on Dec. 9. The students learned about the history, roles and responsibility of the Federal Reserve and also toured the gold vault in an underground level of the Bank.
The Federal Reserve Bank of New York provides gold custody to several central banks, governments and official international organizations on behalf of the Federal Reserve System. It is currently the world’s largest known depository of monetary gold.
The students learned that much of the gold in the vault came to New York either during or after World War II, as several countries wished to store their gold in a safe location. They also learned about the various precautions taken in order to keep the gold safe.
Visiting the Federal Reserve was the last event scheduled of the fall 2016 NYC Program. After completing their internships, the students spent the last few weeks in New York City focusing on finals and taking advantage of the city before heading home.