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Detailed Response to Question 1c

The Bank's annual affirmative action plan, which

includes our annual and multi-year affirmative action goals, is submitted to the Bank's board of directors each year for their review and approval. The Bank's affirmative action plan and goals are then sent to all officers and other supervisory personnel by the president and first vice president. Over the years, it has been the Bank's practice to establish multi-year goals covering a three to five year period. We have attached the Bank's affirmative action report for 1989 which indicates our multi-year goals for 1989 through 1992.

The Bank's plan and goals for 1992, the final year of our current multi-year plan, are shown on page 12 in the second attached report, the Bank's 1992 Equal Employment Opportunity and Affirmative Action. In January 1993, we will submit to our board of directors our affirmative action plan containing new multiyear goals for 1993 through 1995.

1989 AFFIRMATIVE ACTION PROGRAM

FEDERAL RESERVE BANK OF NEW YORK
HEAD OFFICE

During 1988, the Bank continued its steady

progress in increasing the representation of minorities and females in the senior staff and officer groups. As a result, the Bank was successful in meeting the affirmative action targets set out in its five year Affirmative Action plan for the years 1984-1988.

The Bank compares favorably with the local labor market with respect to the representation of minorities and females for the staff overall as well as for middle

management to senior staff positions.

While labor market

data do not exist for the officer group as such, we believe that the Bank compares favorably with the market at that level as well. A summary of the Bank's employee profile relative to the labor market in 1988 is presented in Table I.

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Since 1978, the representation of minorities and females in the senior staff and officer groups has increased significantly. The Bank's record over the last decade is summarized in Table II.

1/

Source: National Planning Data Corporation's report:
"1988 Labor Force Projections". This Bank's labor market
includes: Bronx, Kings, Nassau, New York, Putnam, Queens,
Rockland, Staten Island, Suffolk, and Westchester counties
in New York; Bergen, Essex, Hudson, Morris, Passaic,
Somerset and Union counties in New Jersey: and Fairfield
County in Connecticut.

Question 1: Page 17

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As a result of this progress, minorities currently make up 11 percent of the Bank's official staff and hold positions at every level through Vice President. Females now constitute 24 percent of the officer group and are represented at all levels through Executive Vice President. At the senior staff level, minorities and females represent 21 and 33 percent, respectively, of all employees. Minorities and/or females are represented at the senior staff level in every function in the

Bank.

Results of the 1984-1988 Affirmative Action Plan

The Bank was successful in attaining the Affirmative Action targets established by its first multi-year Affirmative Action plan in 1984. That plan established quantitative

objectives, expressed as percentage ranges, for the

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representation of minorities and females at the Bank through year-end 1988. Each year during the planning period, interim targets were set to measure progress towards the longer term objectives.

As of December 31, 1988, the percentages of minorities and females in both the senior staff and officer groups were within, and in one case exceeded, the plan's target ranges (See Table III). During the five year period, the number of minority officers increased by six or 55 percent, while the number of female officers increased by 11 or 41 percent. In the senior staff, there are 36 more minorities and an additional 48 females, increases of 36 percent and 27 percent, respectively. With regard to this past year, the Bank increased the percentage of minorities and females in all categories, exceeding the 1988 interim targets for female officers and for minorities in the senior staff and nearly achieving its targets for minority officers and senior staff females (Table III).

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