 
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.
Commemorating the 240th Anniversary of BNY Mellon on June 9, 2024

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