The Federal Reserve System
Central bank of the United States
Business Analyst Intern - Multiple Teams
+ Summer housing stipend + Transportation stipend
More locations: San Francisco, CA, USA | Los Angeles, CA, USA
Hosted in person in San Francisco; five days per week in-office required.
About the job
- Be a full-time undergraduate or graduate student currently enrolled in an accredited community college, four-year college, or university, with an expected graduation date between December 2027 and June 2029.
- Be a U.S. citizen or permanent resident.
- Be able to work 40 hours per week for the full duration of the 10.5-week internship.
- Be able to work five days per week in the office.
- Demonstrate leadership ability.
- Have a keen interest in public service and the mission-driven work of the Federal Reserve Bank of San Francisco.
- Use research, writing, data analysis, policy comprehension, and communication skills to work on business projects, solutions, and deliverables within the assigned group.
- Gain experience and exposure to business-related challenges while building foundational knowledge for future work.
- Desired areas of study include Accounting, Business, Economics, Finance, Mathematics, Political Science, Public Policy, and Risk Management.
About the company
The Federal Reserve System is the central bank of the United States that conducts national monetary policy, supervises and regulates banks and bank holding companies, and provides financial services for banks and the U.S. government. It uses tools like setting interest rates, market operations, bank supervision, and payments services to influence credit, prices, and financial stability, operating through 12 regional banks and a Board in Washington. It is different from private banks because it is a public-mission institution with a nationwide mandate and a regional structure that blends national policy with local insight, not focused on profits. Its goal is to promote a strong economy and a stable financial system for the United States.
Company Size
1,001-5,000
Company Stage
N/A
Total Funding
N/A
Headquarters
null
Founded
1913
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Simplify's Take
What believers are saying
- September 2026 BIC changes cut enrollment friction and standardized collateral processing.
- Jefferson said Discount Window Direct now processes about 60% of discount-window loans.
- The 2026 Small Business Credit Survey expands Fed data advantage through November 13.
What critics are saying
- Better Markets sued on September 10, 2026, alleging Bowman rigged capital-rule comments.
- Fed's March 2026 capital proposal faces prolonged delay; litigation threatens rework and distraction.
- If trust erodes, Fed credibility weakens across supervision, liquidity support, and policy transmission.
What makes The Federal Reserve System unique
- The Fed sets U.S. monetary policy, bank supervision, and dollar payment rails nationwide.
- Discount Window Direct and BIC modernization give banks faster collateralized liquidity access.
- Twelve Reserve Banks provide local economic intelligence through surveys, speeches, and supervision.
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Benefits
Health Insurance
Dental Insurance
Vision Insurance
401(k) Company Match
401(k) Retirement Plan
Paid Vacation
Paid Sick Leave
Paid Holidays
Pet Insurance
Wellness Program
Company News
10-year Treasury yield slips further below 5% as traders await Fed comments. Sep 22, 2026 - 19:17 Traders work on the floor of the New York Stock Exchange during morning trading on September 16, 2026 in New York City. U.S. Treasury yields eased on Tuesday as investors awaited new clues on the state of the U.S. economy. The yield on the benchmark 10-year Treasury note was 3 basis points lower at 4.933%. Yields on the 2-year note were down more than 2 basis points to 4.732%, while the 30-year Treasury yield fell more than 2 basis points to 5.269%. One basis point is equal to 0.01%, and yields and prices move in opposite directions. Fed Vice Chair Philip N. Jefferson will deliver remarks at the Federal Reserve Bank of New York's Treasury Market Conference on Tuesday. On Wednesday, Michael S. Barr, a member of the central bank's Board of Governors, will speak at a housing affordability summit in Chicago. It comes after Chicago Fed President Austan Goolsbee told an audience in London that he was "especially attuned to elevated inflation in service-sector industries, and to any evidence that AI data center construction is spilling out of its own lane and raising aggregate output beyond what the economy can absorb." "If demand overheats, there is no ambiguity about how the Fed needs to respond," he said. Goolsbee also noted that forecasters had spent more than a year pushing back the date when inflation was supposed to peak and start falling. "Originally it was supposed to happen in Q4 2025. Then Q1 2026. Then Q2, then Q3, then Q4 - and now sometime in 2027," he said. "That's not a comforting pattern." Oil prices remain in focus on Tuesday, with prices lower after reports claimed Iran offered to reopen the Strait of Hormuz within seven days and as Saudi Arabia is reportedly aiming to restart its East-West pipeline as soon as as this week. This comes amid increasing pressure from Washington on Tehran. U.S. Treasury Secretary Scott Bessent said all Iranian airlines will be shut down from Wednesday. Futures for international benchmark Brent crude for November delivery were last down 1% to trade at $98.50 a barrel, while U.S. West Texas Intermediate futures fell 2% to $93.50 per barrel. President Donald Trump will meet with world leaders at the UN General Assembly on Tuesday, against the backdrop of the ongoing conflict in the Middle East.
Fed's Jefferson says discount-window upgrades can support treasury-market liquidity. Jefferson said the Fed's modernization of discount-window access can help banks raise cash against collateral instead of selling Treasury securities during market stress. Published September 22, 2026 · 1:27 PM ET Federal Reserve Vice Chair Philip N. Jefferson said Tuesday that modernizing the discount window is making the central bank's liquidity backstop easier for eligible banks to use and can also support U.S. Treasury-market functioning. His central point was that a bank facing a late-day or stress-related funding need may be able to borrow against high-quality collateral instead of selling securities into an already strained market. Jefferson delivered the remarks at the 2026 U.S. Treasury Market Conference at the Federal Reserve Bank of New York, an annual gathering jointly organized by federal agencies that oversee or monitor the Treasury market. He did not use the speech to discuss the near-term economic outlook or the path of monetary policy. A major focus was Discount Window Direct, the Fed's self-service online portal for institutions that have established borrowing access. Jefferson said the portal now processes about 60% of discount-window loans. That marks a shift from a system that historically relied much more heavily on phone calls and manual interaction with a local Reserve Bank. Online access has become a larger part of discount-window lending. Launched in 2024, Discount Window Direct has steadily taken on more of the work banks previously handled through other channels. According to the Federal Reserve Banks' discount-window modernization page, institutions can use the system to request loans, make payments, pledge certain collateral, view loan and collateral balances, and communicate securely with their Reserve Bank. Those changes address a practical issue that can matter during a funding squeeze: access to a liquidity facility is less useful if an institution has not completed the legal, collateral and operational work needed to draw on it quickly. The Fed has spent the past several years pushing banks to improve readiness, while also simplifying parts of its own process. Jefferson's emphasis on the portal reflects that operational focus. A self-service system can reduce the time and coordination needed to request funds, especially late in the day, although access still depends on eligibility, pledged collateral and Reserve Bank approval. Discount-window loans remain collateralized, and the modernization effort does not remove the credit-risk controls that govern Federal Reserve lending. Collateral processes are changing as well. On September 8, the Federal Reserve implemented updates to its Borrower-in-Custody program, which allows eligible institutions to pledge qualifying loans while retaining possession of the underlying loan documents. The changes were designed to speed enrollment, reduce duplicative reviews and reporting, and make collateral processing more consistent across Reserve Banks. Jefferson tied bank liquidity to Treasury-market resilience. Treasury-market resilience enters the picture through the role government securities play on bank balance sheets. Treasuries are widely held as liquid assets, but a bank that suddenly needs cash can face a choice between raising funds against those securities or selling them. In calm markets that distinction may be small. During stress, simultaneous asset sales by multiple firms can add pressure to prices and market liquidity. Jefferson argued that reliable discount-window access can give banks another route. Treasury securities can be pledged as collateral at the window, allowing an eligible institution to obtain cash without first selling the securities. The Federal Reserve's current discount-window guidance says loan proceeds are normally credited on the day an advance is approved, and Reserve Banks may approve earlier availability when appropriate. That mechanism does not make the discount window a Treasury-market facility. It is a lending facility for eligible depository institutions. The market-functioning benefit is indirect: if a bank can meet a funding need through secured central-bank borrowing, it may have less reason to liquidate Treasury holdings at an unfavorable moment. Jefferson's remarks framed that option as part of the financial system's ability to absorb shocks rather than amplify them. That distinction is important because the Treasury market is central to federal financing, private-sector pricing and the implementation of monetary policy. Episodes of market stress have shown that even a market with enormous trading volume can experience sharp deterioration in liquidity when demand for cash surges and intermediation capacity becomes constrained. Improving the reliability of bank liquidity tools is one piece of a broader effort by U.S. authorities to strengthen Treasury-market resilience. Modernization is continuing beyond the online portal. Modernization extends beyond software. Its recent changes have included standardizing collateral practices, simplifying onboarding and gathering feedback from banks about how discount-window operations should evolve alongside changes to the payments system. One open issue is operating-day coverage. The Federal Reserve has announced plans for the Fedwire Funds Service and National Settlement Service to expand to Sundays and weekday holidays no earlier than 2028. A January 2026 Federal Reserve survey found that, among respondents who felt they had enough information to take a view, a majority considered some level of discount-window availability on those additional days important. Many respondents that wanted expanded access emphasized afternoon or end-of-day hours. That work highlights the same principle behind Jefferson's Treasury-market remarks: liquidity tools have to be operational when institutions actually need them. Faster access does not guarantee that a bank will borrow, and longstanding concerns about the perceived stigma of using the window can still affect behavior. The Fed has nevertheless continued to encourage institutions to establish access, pledge collateral and test their ability to draw before a period of stress. For Treasury markets, the practical test will come during periods when funding conditions tighten and banks must decide whether to borrow, sell assets or find cash elsewhere. The Federal Reserve is continuing to add functionality to Discount Window Direct and has begun implementing the new Borrower-in-Custody standards, while the planned expansion of Fedwire operating days provides the next concrete operational milestone for the liquidity framework.
The Federal Reserve raised interest rates by 25 basis points on 16 September, bringing the target range to 3.75% to 4%. This marks the first increase since July 2023, when rates peaked at 5.25% to 5.5%. The additive manufacturing industry previously suffered during the last tightening cycle. Global industrial 3D printer shipments fell 9% in 2023, according to market intelligence firm CONTEXT. Fourth-quarter shipments dropped 13% year-over-year, with industrial polymer systems declining 25%. Desktop Metal and Stratasys both reported that elevated interest rates contributed to delayed purchasing decisions and longer sales cycles. Stratasys saw revenue decline 3.7% in 2023 as customers deferred system orders. However, interest rates alone did not cause the downturn. The industry also faced post-pandemic normalisation, overcapacity, and disappointing adoption rates.
Revolut and Fed incidents expose new risks inside banking's trust system. Revolut and the Federal Reserve are in the news this week after suffering two banking infrastructure compromises. However, the most interesting thing about the separate incidents isn't what happened; it's what did not. Hackers did not have to break into Revolut to obtain sensitive customer information. And banks did not have to suffer their own technology failures for an outage at the Fed's National Information Center (NIC) to disrupt infrastructure used to monitor the financial system. Instead, the soft spots appeared inside the trusted institutional machinery surrounding financial institutions. Revolut first confirmed Friday (Sept. 11) that it was fooled by a fake emergency data request coming from a real, but compromised, government-agency email from Italy's PEC certified-email system, Reuters reported Saturday (Sept. 12). Attackers exchanged messages with Revolut over several months while impersonating law enforcement, resulting in the FinTech sharing sensitive client information that potentially includes identity documents, verification selfies, addresses, account statements and transaction histories, including cryptocurrency activity. Revolut is now reportedly being extorted by the hackers behind the compromise. Reached by PYMNTS, a Revolut spokesperson said Wednesday (Sept. 16): "Revolut recently identified a sophisticated external impersonation scam where an unauthorized third party utilized a legitimate government agency domain email to submit fraudulent requests for information. Upon detection, we immediately blocked the address and alerted the relevant government agency as well as enforcement agencies, data protection and financial regulators. Revolut systems and customer funds are unaffected. We have contacted the limited number of impacted individuals directly to inform them and provide support." Meanwhile, the Fed's NIC, a repository that regulators use to collect and share information about financial institutions, suffered an August outage that disrupted internal systems and data pipelines across several Fed business areas, including systems serving the discount window, The Wall Street Journal reported Tuesday (Sept. 15). The incidents are unrelated, and their severity is different. But together they expose an emerging operational problem for financial institutions. Banks have spent years strengthening their own defenses and scrutinizing their vendors. The next risk perimeter may include the institutions banks are required to trust, something harder to control. Banks secured their perimeters, but the risk is moving outside. Financial institutions spent $21 billion in 2025 solving identity problems, according to Juniper Research, which estimated $39 billion would be spent in 2030. Know your customer (KYC) systems ask whether a customer really is who they claim to be. Know your business (KYB) programs attempt to establish the legitimacy and ownership of corporate customers. Authentication technologies continuously determine whether someone accessing an account possesses the appropriate credentials. The PYMNTS Intelligence report "Payment Protection: Why Firms Still Aren't Real-Time Ready" found in August that 65% of firms plan to adopt or expand identity verification and KYC automation within the next 12 months, putting it ahead of secure bank connectivity and artificial intelligence-based fraud detection, both at 59%. Only reconciliation automation, at 70%, drew more near-term interest. Separate data from the PYMNTS Intelligence report "When 'Good Enough' Isn't Enough: Digital Identity Verification in the Age of Bots and Agents" revealed in January that financial services firms lose nearly $34 billion in revenue because of identity verification failures. However, government requests turn the equation around. A bank can establish that a message came through legitimate government infrastructure without necessarily establishing that the individual using it possesses legitimate authority to request a specific customer's data. That problem is particularly consequential for financial institutions because banks possess unusually complete collections of identity information. The very controls designed to prevent financial crime can produce unusually valuable targets for it. KYC and anti-money laundering rules require institutions to know their customers. The consequence is that banks may hold passports, driver's licenses, addresses, verification photographs and detailed financial histories in the same environment. That changes where fake government and emergency data requests belong on a bank's risk map. They are not simply phishing attacks. They exploit institutional trust. "In the life cycle of a fraud or a scam, most of those fraudulent scenarios are happening outside of the banking system," Colin Parsons, head of fraud product strategy at Nasdaq Verafin, told PYMNTS in an interview published Sept. 3. "The challenge really is that it only becomes visible to an institution at the time a transaction's occurring, or money's moving." Operational risk is escaping the bank. The Fed's NIC outage presents almost the opposite scenario. Instead of an attacker abusing trust in government infrastructure, the government infrastructure itself became unavailable. Banks have sophisticated answers for commercial dependencies. They can negotiate service-level agreements. They can demand cybersecurity certifications. They can maintain backup processors, diversify cloud workloads and build contingency plans around core providers. Government infrastructure is different. A financial institution cannot simply switch regulators because one system experiences downtime. Nor can it dictate the technical architecture of a law enforcement communications platform through which it receives lawful information requests. The NIC supports the collection and sharing of public and confidential information about financial institutions among regulators. The August outage affected its public-facing system but also disrupted internal systems and data pipelines. Critical functions remained operational, the Fed said, per The Wall Street Journal report. The cause has not been publicly established. Financial institutions can have functioning servers, functioning security controls and functioning employees and still experience consequences because something outside their perimeter failed or because an outside institution they legitimately trusted was successfully impersonated. The PYMNTS Intelligence report "2025 State of Fraud and Financial Crime in the United States" found in December that 68% of financial institutions increased their fraud detection budgets year over year. That spending came as 46% of institutions reported sophisticated fraud schemes, up from 35% a year earlier. The financial industry's next perimeter may not be a perimeter at all.
Federal Reserve asks Oklahoma City small businesses to weigh in on economic conditions. Published on 12 September 2026 at 2:30 pm - Written by Sarah Collins - Reading duration: 2 minutes Show summary The Greater Oklahoma City Chamber has teamed up with the Federal Reserve to gather local small-business voices for the 2026 Small Business Credit Survey, a nationwide effort that shapes lending decisions and policy. With responses due by Nov. 13, organizers say timely local participation will influence how resources and support reach area companies. Why this matters now. Data from the survey feeds directly into analyses used by banks, policymakers and technical-assistance providers. That means the way owners describe access to capital, staffing plans and profitability expectations can change the conversation about credit, grants and programs aimed at small firms in the months ahead. Who is eligible. The questionnaire is intended for owners and the main financial decision-makers at for-profit enterprises with fewer than 500 employees. Participation is open to businesses that are currently operating, those that have recently closed and entrepreneurs preparing to launch. Respondents do not need to supply personal identifying details; instead, the survey focuses on the company's financial situation and outlook. What the survey asks. It takes roughly a quarter-hour to complete and covers several areas that matter to lenders and local economies: * Business conditions - current revenues, cash flow and immediate pressures * Use of debt - loans, lines of credit and reliance on personal funds * Financing experiences - approval rates, terms offered and barriers encountered * Expectations - plans for hiring, investment and profitability over the coming year All 12 regional Federal Reserve Banks collect responses for this annual snapshot, which makes it one of the most comprehensive datasets on small-business credit trends in the U.S. Local impact, national reach. A stronger response from Oklahoma City can sharpen how national data reflects local realities. For example, if more area firms report challenges securing term loans or persistent cash-flow gaps, that information can prompt lenders and agencies to adjust outreach or product offerings for similar markets. Conversely, if respondents report improving conditions, the findings can validate recovery patterns and influence the timing of technical-assistance programs. Chamber officials encourage owners and finance leads to take part before the deadline to ensure the region's experience is represented in the final report. Participation is voluntary, anonymous and online; the survey will remain open through Nov. 13. Responses help shape the evidence base used by decision-makers who affect credit access, support services and small-business policy. Give your feedback. Sarah Collins writes about lifestyle, health, and well-being in Mustang. She shares practical tips to improve daily life, manage time, and build better habits. Mustang News is an independent media. Support Mustang News by adding Mustang News to your Google News favorites: