Company

Federal Reserve Bank of New York

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies. You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence of an academic—all combined with a passion for public service.

This position will offer workplace flexibility e.g. working remotely or on site as needed/ desired during the week. Employees can expect to be in the office weekly as needed for meetings and team collaboration and should live within a commutable distance. The Bank believes in work flexibility to balance the demands of work and life while also connecting and collaborating with our colleagues in person a couple days a week.

Program Structure

The Legal Function of the New York Fed hires first-year law students each summer for a 10-week paid clerkship program. Law clerks receive challenging, diverse assignments from each of the three divisions of the Legal Function. The assignments usually involve legal research and writing and are typical of the assignments given to attorneys in the Legal Function. Law clerks are paired with mentors for the summer to provide guidance on a personal and professional basis. Law clerks are paid approximately $7,000 monthly over the course of the 10-week program.

A NOTE ON COVID-19

Unlike in prior years, the New York Fed will be conducting interviews for the 2022 summer program solely via web-based videoconference. With respect to the summer program itself, we anticipate a hybrid in-person/remote work environment that will require summer law clerks to reside within commutable distance of our head office in New York. Additional details will be forthcoming.

WHY THE NEW YORK FED?

Working at the New York Fed positions you at the center of the financial world with a unique perspective on national and international markets and economies. You'll work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It's a challenge that demands the skills of a financial services professional and the intellectual curiosity of an academic—all combined with a passion for public service. Working here provides talented law students the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century.

Overview OF THE NEW YORK FED’S LEGAL FUNCTION

The Legal Function's mission is to provide high-quality legal services to the New York Fed. The function is headed by the Bank's general counsel and is divided into three divisions, each headed by a deputy general counsel:

The Bank Supervision and Markets Division (BSM) provides legal advice in connection with (i) financial institution supervisory and regulatory matters, including legal support for supervision and regulatory reporting and legal analysis of regulatory applications; (ii) the Bank’s open market, U.S. Treasury auction, foreign exchange, reference rate and discount window operations; and (iii) the Bank’s external and sponsored committees. BSM also tracks legislative affairs for the Bank, and the head of the division oversees the Bank Applications Function.

The Enforcement, Litigation, Investigations and Corporate Affairs Division (ELICA) handles all litigation for the Bank and pursues regulatory enforcement investigations and actions against financial institutions in the Second Federal Reserve District. In addition, ELICA conducts investigations of internal Bank matters and advises with respect to the Bank's corporate affairs, including human resources and employment law matters. The head of the division also oversees the Bank's police arm, the Law Enforcement Unit.

The Financial Services, Technology, and Contracts Division (FSTC) provides legal support for the areas of the Bank that are responsible for financial services, including the Fedwire services, international and domestic currency and coin distribution, and account services for the U.S. Treasury, foreign central banks and international organizations, depository institutions, and other account-holders. FSTC also advises with respect to contract, procurement, and technology matters for the Bank, including software licenses and cloud computing.

APPLICATION Requirements

Applications for the Summer Law Clerk Program are accepted only from first-year law students. The program requires that applicants complete their first year of law school by the beginning of the clerkship, which is typically in late May. As the program is highly competitive and the class size is limited, we seek applicants with outstanding academic records, evidence of strong research and writing skills, an interest in and commitment to public sector employment, maturity, and personal achievement. Applicants must generally be available for web-based videoconference interviews during January and February of 2022, which will likely be conducted via WebEx or Skype.

Candidates must supply a cover letter, résumé, and transcript.

Undergraduate transcripts are acceptable if first-semester law school grades are not yet available, but all applicants must submit first-semester law school transcripts as soon as they are available. Applications are accepted from December 13, 2021 to February 15, 2022. Positions are filled on a rolling basis starting in January.

An applicant’s cover letter and undergraduate or law school transcript should be uploaded in the same section of the application site that asks for a résumé to be uploaded. If a law school GPA is required but grades are not yet known, please enter the GPA as 0.0.

For any questions regarding the Summer Law Clerk Program, please contact Jeffrey Keenan at jeffrey.keenan@ny.frb.org .

Summer law clerks must remain in the United States for certain aspects of the pre-employment & background check process, which will start approximately 12 weeks prior to the first day of the internship. In addition, all candidates must undergo an enhanced background check and comply with all applicable information handling rules.

Summer law clerks must be fully vaccinated against COVID-19, unless the New York Fed grants an exemption based on a medical condition or sincerely held religious belief.

The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

Full Time / Part Time

Full time

Regular / Temporary

Temporary

Job Exempt (Yes / No)

Yes

Job Category

Internship

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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