Alma mater Yale University Name Pierre Jay | Died November 24, 1949 Education Yale University | |
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Occupation Chair of the Federal Reserve Bank of New York | ||
Pierre Jay (May 4, 1870 – November 24, 1949) was the first chairman of the Federal Reserve Bank of New York.
Jay grew up in Rye, New York at the ancestral home of his great, great grandfather, American Founding Father, John Jay. He graduated from Yale University in 1892, and was a member of Skull and Bones, one of the best known of the secret societies based at Yale University. In 1908, as Massachusetts banking commissioner, he, along with Bostonian business man and philanthropist Edward Filene, helped organize public hearings on creating credit union legislation in Massachusetts, leading to the passage of the Massachusetts Credit Union Act in 1909. This legislation was the first to enable the formation of credit unions in the United States. Jay also became the first-ever chairman of the New York Federal Reserve in 1913 after its formation. He is one of the founders of Fiduciary Trust Company International, now a subsidiary of Franklin Templeton.