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In your letter of June 19, 1992, you raised a number of questions pertaining to the employment and contracting record of the Federal Reserve Bank of New York with respect to minorities and women. The enclosed appendices contain detailed responses to each of the questions in your letter. Rather than recapitulate material provided in the appendices, I would like to share with you a number of more general observations on this matter.

Most importantly, while one is never satisfied with progress in this most important area of endeavor, I can say that equal employment opportunity and affirmative action are now deeply ingrained in the culture of the Federal Reserve Bank of New York. Indeed, whether it is "on the job" or "around the job," I am personally impressed with the high degree of camaraderie that exists among the Bank's large and highly diverse employee population.

More concretely

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and reflecting the commitment of the Bank's directors and management -- during the past several years the Bank has made significant progress toward improving the representation of minorities and females at the senior staff and officer levels of the Bank. We owe our progress to the many ongoing efforts and new programs and approaches to affirmative action undertaken at the Bank. Yet, we also fully recognize that more needs to be done, especially with regard to minority representation in senior positions.

To put our senior staff positions into the proper context, they include professional and management positions comparable to official positions at private-sector depository financial institutions. For example, our recruits with M.B.A. degrees enter the Bank in pay grade 12 and recruits with Ph.D

FEDERAL RESERVE BANK OF NEW YORK

The Honorable Henry B. Gonzalez
July 28, 1992

includes supervising bank examiners who lead examinations at the largest and/or problem banking organizations; computer project directors who direct the design, implementation, and maintenance of our most complex automated systems; and senior economists who originate and conduct high-level economic studies related to major policy issues. In the officer group, I should note that our top cadre of senior officers begins at the Vice President level (pay grade B). Officers at and above the Vice President level head up the Bank's major functional areas.

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While the Bank's track record with respect to female representation -- even at the most senior levels is very strong by any standard, we find progress with regard to minority representation in senior positions to be especially difficult and, at times, frustrating. For all practical purposes, it is impossible to hire experienced personnel from outside the Bank into these more senior positions. Thus, the key to our success over time in further raising the representation of minorities in these positions rests in our ability to attract talented recent college and university graduates to the Bank and then retain them, systematically moving them along to progressively more responsible positions as their experience and job performance warrant.

In this connection, an area that we have stressed in recent years has been our efforts to increase minority and female representation in our college (including MBA) recruiting and summer internship programs. Over the period 1987 through 1991, for example, 30 percent of the almost 500 individuals hired through this program were minorities, and fully 46 percent were females. The frustrating part, of course, is that after our initial training and development efforts, a number of these talented people leave the Bank either to return to school or to accept more lucrative job offers elsewhere. Despite these frustrations, we continue to believe that the strategy we are following will produce the best results over time, especially given that our success to date with this strategy has not been inconsequential.

On the whole, we believe we have made genuine progress in our efforts to increase female and minority representation in the full range of jobs at the Federal Reserve Bank of New York, and we believe the accompanying statistics point convincingly to that progress. But, statistics are only part of the story. What lies behind the statistics are the programs and the policies

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FEDERAL RESERVE BANK OF NEW YORK

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The Honorable Henry B. Gonzalez
July 28, 1992

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procedures but also in the extent of our presence and involvement in community affairs and especially in the institutional tone that is set by the directors and top management of the Bank. Taking all of these factors into consideration, we are confident that we will continue to make material progress in further improving the statistics, but also in further strengthening the institutional commitment and culture that are so crucial to an even greater measure of success over time.

Sincerely,

Mudd Cangin

E. Gerald Corrigan

Enclosures

Detailed Response to Question 1a

The detailed answers to Question 1a, relating to staffing

statistics for the Bank as of December 31, 1991, appear on the following

tables.

Table 1 - summarizes the number and the percentage of employees for each pay grade, by sex and into non-minority and

minority categories.

Table 2 - provides the number and percentage of employees for

each pay grade by race (White, Black, Hispanic,

Asian/Pacific, and American Indian) and sex.

Table 3-provides the number and percentage of employees for

each pay grade by age.

Table 4 - provides a breakdown, by race and sex, of the top 10

percent highest paid employees.

Table 5 - provides a breakdown, by race and sex, of the lowest 10

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percent paid employees.

Table 6 provides a breakdown, by race and sex, of the ten highest

paid employees.

NOTE: While our commitment to the employment needs of the disabled is very strong, as we are active participants in several organizations that provide vocational training and placement for such individuals and have made a variety of physical modifications and other accommodations at the Bank to enhance employment opportunities for the disabled, we do not maintain data on the disabilities of our employees. Our best sense is that several hundred of our employees have some type of permanent disability.

Question 1: Page 1

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• Data exclude employees on long-term disability and include one officer on leave of absence.

51.9%

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