Statements from New York Federal Reserve, SEC

12 September 2001

Statements from New York Federal Reserve, SEC

U.S. central bank operates throughout attack

The Federal Reserve Bank of New York is open, and its Funds and Securities wires are "operational," the Federal Reserve Bank of New York announced September 12, the day after the attack on the World Trade Center.

The announcement follows a September 11 statement of the Federal Reserve Board that the Federal Reserve System was "open and operating."

The Securities and Exchange Commission (SEC) issued a statement September 11 asserting that trading in stocks and bonds would resume as soon as practicable.

Following are the texts of New York Federal Reserve and SEC statements:

(begin Federal Reserve text)

Wednesday, September 12, 2001

The Federal Reserve Bank of New York is open. The Funds and Securities wires are operational. The FRBNY is settling trades today.

Our best estimate of the effective Fed Funds rate for September 11, 2001, is 3.50.

The discount window is available to meet liquidity needs.

Depository institutions may call the following numbers:

(end Federal Reserve text)

(begin SEC text)

U.S. Securities & Exchange Commission
Statement by SEC Chairman Harvey L. Pitt

Washington, D.C., September 11, 2001 -- Today Chairman Harvey L. Pitt issued the following statement:

The Commission has been, and is, in constant communication with each of our organized securities markets and exchanges. As a safety precaution while the tragic events of today are sorted out, the securities markets have decided not to open for trading today. We strongly support that decision; it is a responsible course of action in light of the current situation. We are continuing to monitor the situation, along with the securities markets, and investors should be assured that the disruption to normal trading patterns is a temporary phenomenon; trading will resume as soon as it is practicable to do so. We will keep the public advised.

(end SEC text)