Assembly Resolution No. 2357
BY: M. of A. Hunter
COMMEMORATING the 240th Anniversary of BNY Mellon
on June 9, 2024
WHEREAS, It is the sense of this Legislative Body that the quality
and character of life in this great Empire State is indelibly enriched
by the faithful efforts of those financial institutions and their
leadership who devote their purpose to promoting economic vitality and
service the public need; and
WHEREAS, Attendant to such concern, and in full accord with its
long-standing traditions, this Legislative Body is justly proud to
commemorate the 240th Anniversary of BNY Mellon on Sunday, June 9, 2024;
and
WHEREAS, For 240 years, BNY Mellon has been at the center of the
global financial system and at the forefront of financial innovation and
change; a great source of financial strength and stability to New York
City, the financial institution helps clients manage, move, and safely
keep their assets while providing the expertise and tools to achieve
their ambitions in a changing economy; and
WHEREAS, BNY Mellon is the oldest bank in the United States and a
global financial services company with a proven track record of evolving
through challenging times and supporting financial markets through all
cycles; and
WHEREAS, The history of BNY Mellon began on June 9, 1784, when
Alexander Hamilton, the first Secretary of the Treasury and one of the
seven Founding Fathers of the United States, established BNY Mellon's
predecessor, the Bank of New York; then, in 1869, Thomas Mellon opened
T. Mellon & Sons' Bank in Pittsburgh; and
WHEREAS, Both banks grew rapidly, offering critical financing to
emerging industries and entrepreneurs while also expanding their
presence on the world and local stage; since the two banks merged in
2007 to create BNY Mellon, this venerable institution creates solutions
for businesses, communities, and people that build a more resilient
financial system and advance the future of finance; and
WHEREAS, Since its humble beginnings, BNY Mellon has engaged in a
series of firsts, including: the first loan to the fledging U.S.
Treasury after the Revolutionary War; the first company traded on the
New York Stock Exchange; the first bank to execute Real-Time Payments;
and, in 2023, made history with minority, veteran and woman-owned firms
coming together to serve as joint-bookrunning managers for a $500
million offering; and
WHEREAS, BNY Mellon touches around one-fifth of the world's
investable assets, helps over 90% of Fortune 100 companies and nearly
all of the top 100 global banks, works with over 90% of the top 100
pension plans to help millions of people save for retirement,
facilitates over $10 trillion in securities movements every day keeping
money flowing and the financial system moving, and is the primary
provider of clearing and settlement for United States government
securities enabling a key part of the economy to function effectively;
and
WHEREAS, Today overseeing nearly $50 trillion in assets on behalf of
its clients, BNY Mellon continues to make invaluable contributions to
New York City's economic vitality and helps maintain our status as the
center of global commerce; this impressive milestone is a result of the
ingenuity, commerciality, and hard work of the hundreds of thousands of
people who have passed through BNY Mellon over the centuries; and
WHEREAS, BNY Mellon has navigated changing times, embraced new
opportunities, and strengthened the fabric of the financial system; and
WHEREAS, This Legislative Body looks favorably upon the strong role
which institutions such as BNY Mellon play in strengthening the social
and economic fabric of our communities through providing growth
opportunities for citizens and businesses; now, therefore, be it
RESOLVED, That this Legislative Body pause in its deliberations to
commemorate the 240th Anniversary of BNY Mellon and to wish this
financial institution continued success in its vital work on behalf of
its customers; and be it further
RESOLVED, That a copy of this Resolution, suitably engrossed, be
transmitted to BNY Mellon.
