Pierre Jay was the first chairman of the Federal Reserve Bank of New York

Federal Reserve Bank of New York

The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...

.

He graduated from Yale University

Yale University

Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...

 in 1892, and was a member of Skull and Bones

Skull and Bones

Skull and Bones is an undergraduate senior or secret society at Yale University, New Haven, Connecticut. It is a traditional peer society to Scroll and Key and Wolf's Head, as the three senior class 'landed societies' at Yale....

, one of the best known of the secret societies based at Yale University. In 1908, as Massachusetts

Massachusetts

The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...

 banking commissioner, he, along with Boston

Boston

Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...

ian business man and philanthropist

Philanthropist

A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...

 Edward Filene

Edward Filene

Edward Albert Filene was an American businessman, social entrepreneur and philanthropist...

, helped organize public hearings on creating credit union

Credit union

A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...

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.