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The Bank's overall affirmative action targets for

1992, as well as our interim goals for 1989, the first year of the plan, are shown in Table IV. Based on current statt levels, we have established as goals an increase in the representation

of minorities and females in the senior and official staffs of

about one percentage point for each year of the planning cycle.

This will result in a net increase in the senior staff of about

six minorities and seven females annually during the period. For officers, by 1992, there will be 21 to 24 minority officers

and 43 to 47 female officers.

While these targets are aggres

sive, we believe we will attain then through the continued development of current statt nembers and the addition of other high potential ninorities and females through our recruiting

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We, along with the Bank's Board of Directors, are
personally committed to equal employment
opportunity for all persons and to the Bank's
Affirmative Action Program. Each of you plays an
important role in fulfilling this commitment, and in
ensuring that the Bank's personnel policies and
practices are administered in accordance with the
Bank's Equal Employment Opportunity Policy.

This handbook is designed for you to use as a
reference guide on this Bank's Equal Employment
Opportunity Policy and Affirmative Action Program.
The Personnel Officers and the Equal Employment
Opportunity Officer are available to answer any
questions and to assist you in carrying out your


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James H. Oltman
First Vice President


Statement of policy

Definitions and summary of

laws and regulations

The Federal Reserve Bank of New York is
committed to providing equal employment
opportunity to all persons without regard to race,
color, religion, national origin, sex, age, or handicap.
All aspects of personnel management and employee
relations, including recruitment, promotion,
administration of compensation and benefits, and
Bank-supported training, counseling, and educational
programs are administered in accordance with this
policy. The Bank is committed to increasing the
representation of minorities and females in the senior
staff and official positions at the Bank.

Definitions and summaries of significant laws
pertaining to equal employment opportunity and
affirmative action are set forth below:

Equal Employment Opportunity is the
rig of every person to apply for and be
evaluated for job opportunities and to be
considered only on the basis of that person's
ability to do the job, and not the person's race,
color, sex, national origin, religion, age, or
any mental or physical handicap.
Affirmative Action is positive action taken
by employers to hire and advance people
protected under the Civil Rights Act of 1964
("Act"'). Affirmative Action programs are the
result of executive orders of the President and
their purpose is to remedy the effects of past
discrimination against those protected by the
The Civil Rights Act of 1964 prohibits
discrimination in employment on the basis of
race, color, religion, sex, or national origin.
The Act also established the Equal
Employment Opportunity Commission, which
administers the law to ensure equal treatment

to all.
There are numerous other federal and state
statutes that protect the civil rights of individual

The Bank condemns and will take immediate
action against anyone who discriminates on the basis
of race, color, religion, national origin, sex, age, or
handicap, or who engages in conduct that constitutes
sexual harassment on the job, a discriminatory
practice violating Title VII of the Civil Rights Act of
1964. The sexual harassment of employees by
management personnel or by co-workers is strictly
prohibited. Unwelcome sexual advances, requests for
sexual favors, and other verbal or physical conduct of
a sexual nature may constitute sexual harassment.



The Equal Employment Opportunity Officer
assists in formulating the Bank's Affirmative Action
Program; monitors and evaluates the effectiveness of
the Bank's Equal Employment Opportunity Policy
and Affirmative Action Program; identifies,
investigates, and resolves equal employment
opportunity complaints; and prepares statistical and
other reports related to equal employment
opportunity and affirmative action.

Affirmative action planning

and implementation

All officers and supervisory personnel are directly
responsible and accountable for carrying out the
Bank's Equal Employment Opportunity policy and for
assisting in implementing the Bank's Affirmative
Action Program.

Senior officers in charge of groups have
special responsibility for setting affirmative
action goals for their groups.
Officers in charge of functions are
responsible for devising action plans to meet
goals set by the senior officers of their groups.
These action plans include an outline of
strategies and appropriate timetables to be
used to meet the goals. They are submitted to
the Personnel Department and Equal
Employment Opportunity Office during the
first quarter of the calendar year.
Managers, chiefs, and other supervisory
staff have the responsibility for
implementing the action plans in their
respective areas, including such matters as
the employment of individuals from outside of
the Bank, where appropriate, and the
identification of key employees for

The Vice President in charge of the Personnel
Function is responsible for promoting understanding
of the Bank's Program and working with senior
officers to develop detailed action plans to ensure
successful implementation.

The Bank's affirmative action planning process is
carried out at the group and function levels and for
the Bank as a whole. The process consists of three
• Collecting and analyzing data on the sex and

ethnic composition of the Bank's local labor
market to determine whether the
representation of minorities and females in
various job groups in the Bank coincides with
representation in comparable occupations in the
local labor market;
Developing specific strategies, plans and
timetables, where warranted, to improve the
representation of minorities and females in

specific job groups and areas of the Bank; and • Implementing such strategies and plans.

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