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Culture & Governance Reform Initiatives at the NY Fed

by James Hennessy, Federal Reserve Bank of New York

Compendium

May 04, 2020

The New York Fed began its exploration into the role of culture in financial services in 2013, in response to "evidence of deep-seated cultural and ethical failures" within the industry. In the years since, the persistence of unethical behaviors at financial services firms has only reinforced the organization’s commitment to the initiative. As New York Fed President and CEO John Williams recently noted, “culture is both the hardest and the most important thing to get right. ... cont