Reserve requirement

The reserve requirement (or cash reserve ratio) is a central bank regulation employed by most, but not all, of the world’s central banks, that sets the minimum amount of reserves that must be held by a commercial bank. The minimum reserve is generally determined by the central bank to be no less than a specified percentage of the amount of deposit liabilities the commercial bank owes to its customers. The commercial bank’s reserves normally consist of cash owned by the bank and stored physically in the bank vault (vault cash), plus the amount of the commercial bank’s balance in that bank’s account with the central bank.

The required reserve ratio is sometimes used as a tool in monetary policy, influencing the country’s borrowing and interest rates by changing the amount of funds available for banks to make loans with.^[1] Western central banks rarely increase the reserve requirements because it would cause immediate liquidity problems for banks with low excess reserves; they generally prefer to use open market operations (buying and selling government-issued bonds) to implement their monetary policy. The People’s Bank of China uses changes in reserve requirements as an inflation-fighting tool, and raised the reserve requirement ten times in 2007 and eleven times since the beginning of 2010.

An institution that holds reserves in excess of the required amount is said to hold excess reserves.

Effects on money supply

Conventional view

The theory that a reserve requirement can be used as a tool of monetary policy is frequently found in economics textbooks. Under the theory, the higher the reserve requirement is set, the less funds banks will have available to lend out,^{[citation needed]} leading to lower money creation and perhaps to higher purchasing power of the money previously in use. Under this view, the effect is multiplied, because money obtained as loan proceeds can be re-deposited, and a portion of those deposits may again be lent out,^{[citation needed]} and so on. Under this theory, the effect on the money supply is governed by the following formulas:

M_{1}=MB*m\,

: definitional relationship between monetary base MB (bank reserves plus currency held by the non-bank public) and the narrowly defined money supply,

M_{1}

,

m={\frac {(1+c)}{(c+R)}}={\frac {1+{\frac {C}{D}}}{{\frac {C}{D}}+R}}

: derived formula for the money multiplier m, the factor by which lending and re-lending leads

M_{1}

to be a multiple of the monetary base:

where notationally,

c=

the currency ratio: the ratio of the public’s holdings of currency (undeposited cash) to the public’s holdings of demand deposits; and

R=

the total reserve ratio (the ratio of legally required plus non-required reserve holdings of banks to demand deposit liabilities of banks).

However, in the United States (and other countries except Brazil, China, India, Russia), the reserve requirements are generally not frequently altered to implement monetary policy because of the short-term disruptive effect on financial markets.^{[citation needed]}

Endogenous money view

Some economists dispute the conventional theory of the reserve requirement.^[2] Criticisms of the conventional theory are usually associated with theories of endogenous money.

Jaromir Benes and Michael Kumhof of the IMF Research Department report that the “deposit multiplier” of the undergraduate economics textbook, where monetary aggregates are created at the initiative of the central bank, through an initial injection of high-powered money^{[clarification needed]} into the banking system that gets multiplied through bank lending, turns the actual operation of the monetary transmission mechanism on its head. Benes and Kumhof assert that in most cases where banks ask for replenishment of depleted reserves, the central bank obliges.^[3] Under this view, reserves therefore impose no constraints, as the deposit multiplier is simply, in the words of Kydland and Prescott (1990), a myth. Under this theory, private banks almost fully control the money creation process.^[4]

Required reserves

United States

In the United States, a reserve requirement^[5] (or liquidity ratio) is a minimum value, set by the Board of Governors of the Federal Reserve System, of the ratio of required reserves to a category of deposit liabilities (called the “Net Transaction Accounts” or “NTAs”) owed by depository institutions to their customers (e.g., owed by commercial banks including U.S. branches of a foreign bank, savings and loan association, savings bank, credit union). The deposit liability categories currently subject to reserve requirements are mainly checking accounts. There is no reserve requirement on savings accounts and time deposit accounts owned by individuals.^[6] The total amount of all NTAs held by customers with U.S. depository institutions, plus the U.S. paper currency and coin currency held by the nonbank public, is called M1.

A depository institution can satisfy its reserve requirements by holding either vault cash^[7] or reserve deposits. An institution that is a member of the Federal Reserve System must hold its reserve deposits at a Federal Reserve Bank. Nonmember institutions can elect to hold their reserve deposits at a member institution on a pass-through basis.^[8]

A depository institution’s reserve requirements vary by the dollar amount of NTAs held by customers of that institution. Effective January 18, 2018, institutions with net transactions accounts:

Of less than $16 million have no minimum reserve requirement;
Between $16 million and $122.3 million must have a liquidity ratio of 3% of NTAs;
Exceeding $122.3 million must have a liquidity ratio of 10% of NTAs.^[8]

The threshold monetary amounts are recalculated annually according to a statutory formula.

Effective 27 December 1990, a liquidity ratio of zero has applied to CDs and time deposits, owned by entities other than households, and the Eurocurrency liabilities of depository institutions. Deposits owned by foreign corporations or governments are currently not subject to reserve requirements.^[8]

When an institution fails to satisfy its reserve requirements, it can make up its deficiency with reserves borrowed from a Federal Reserve Bank or from an institution holding reserves in excess of reserve requirements. Such loans are typically due in 24 hours or less.

An institution’s overnight reserves, averaged over some maintenance period, must equal or exceed its average required reserves, calculated over the same maintenance period. If this calculation is satisfied, there is no requirement that reserves be held at any point in time. Hence reserve requirements play only a limited role in money creation in the United States. Since quantitative easing began in 2008, they have been even less important, as an enormous glut of excess reserves now exists (over the whole system, though in theory, individual banks may still run into temporary shortfalls).

The International Banking Act of 1978 requires branches of foreign banks operating in the United States to follow the same required reserve ratio standards.^[9]^[10]

Countries without reserve requirements

Canada, the UK, New Zealand, Australia, Sweden and Hong Kong^[11] have no reserve requirements.

This does not mean that banks can—even in theory—create money without limit. On the contrary, banks are constrained by capital requirements, which are arguably more important than reserve requirements even in countries that have reserve requirements.

It also does not mean that a commercial bank’s overnight reserves can become negative, in these countries. The central bank will always step in to lend the necessary reserves if necessary so that this does not happen; this is sometimes described as “defending the payment system”. Historically a central bank might once have run out of reserves to lend and so have had to suspend redemptions, but this can no longer happen to modern central banks because of the end of the gold standard worldwide, which means that all nations use a fiat currency.

A zero reserve requirement cannot be explained by a theory that holds that monetary policy works by varying the quantity of money using the reserve requirement.

Even in the United States, which retains formal (though now mostly irrelevant^{[citation needed]}) reserve requirements, the notion of controlling the money supply by targeting the quantity of base money fell out of favor many years ago, and now the pragmatic explanation of monetary policy refers to targeting the interest rate to control the broad money supply.

United Kingdom

In the UK the term clearing banks is sometimes used, meaning banks that have direct access to the clearing system. However, for the purposes of clarity, the term commercial banks will be used for the remainder of this section.

The Bank of England, which is the central bank for the entire United Kingdom, previously held to a voluntary reserve ratio system, with no minimum reserve requirement set. In theory this meant that commercial banks could retain zero reserves. The average cash reserve ratio across the entire United Kingdom banking system, though, was higher during that period, at about 0.15% as of 1999.^[12]

From 1971 to 1980, the commercial banks all agreed to a reserve ratio of 1.5%. In 1981 this requirement was abolished.^[12]

From 1981 to 2009, each commercial bank set out its own monthly voluntary reserve target in a contract with the Bank of England. Both shortfalls and excesses of reserves relative to the commercial bank’s own target over an averaging period of one day^[12] would result in a charge, incentivising the commercial bank to stay near its target, a system known as reserves averaging.

Upon the parallel introduction of quantitative easing and interest on excess reserves in 2009, banks were no longer required to set out a target, and so were no longer penalised for holding excess reserves; indeed, they were proportionally compensated for holding all their reserves at the Bank Rate (the Bank of England now uses the same interest rate for its bank rate, its deposit rate and its interest rate target).^[13] In the absence of an agreed target, the concept of excess reserves does not really apply to the Bank of England any longer, so it is technically incorrect to call its new policy “interest on excess reserves”.

Canada

Canada abolished its reserve requirement in 1992.^[12]

Other countries

Other countries have required reserve ratios (or RRRs) that are statutorily enforced:^[14]

Country	Required reserve (in %)	Note
Australia	None	Statutory reserve deposits abolished in 1988, replaced with 1% non-callable deposits^[15]
New Zealand	None	1985^[16]
Sweden	None	Effective 1 April 1994^[17]
Eurozone	1.00	Effective 18 January 2012.^[18] Down from 2% between January 1999 and January 2012.
Czech Republic	2.00	Since 7 October 2009
Hungary	2.00	Since November 2008
South Africa	2.50
Switzerland	2.50
Latvia	3.00	Just after the Parex Bank bailout (24.12.2008), Latvian Central Bank decreased the RRR from 7% (?) down to 3%^[19]
Poland	3.50	As of 31 December 2010 ^[20]
Romania	8.00	As of 24 May 2015 for lei. 10% for foreign currency as of 24 October 2016.^[21]
Russia	4.00	Effective 1 April 2011, up from 2.5% in January 2011.^[22]
Chile	4.50
India	4.00	June 2 2015, as per RBI.^[23]
Bangladesh	6.00	Raised from 5.50, effective from 15 December 2010
Lithuania	6.00
Nigeria	20.00	Raised from 15.00, effective from 25 November 2014^[24]
Pakistan	5.00	Since 1 November 2008
Taiwan	7.00	^[25]
Turkey	8.50	Since 19 February 2013
Jordan	8.00
Zambia	8.00
Burundi	8.50
Ghana	9.00
Iceland	2.00	^[26]
Israel	9.00	The required reserve ratio is called minimum capital ratio.^[27]
Mexico	10.50
Sri Lanka	8.00	With effect from 29 April 2011. 8% of total rupee deposit liabilities.
Bulgaria	10.00	Banks shall maintain minimum required reserves to the amount of 10% of the deposit base (effective from 1 December 2008) with two exceptions (effective from 1 January 2009): 1. on funds attracted by banks from abroad: 5%; 2. on funds attracted from state and local government budgets: 0%.^[28]
Croatia	14.00	Down from 17%, effective from 14 January 2009^[29]
Costa Rica	15.00
Malawi	15.00
Nepal	6.00	From 20 July 2014 (for commercial banks)^[30]
Hong Kong	None	^[11]
Brazil	21.00	Term deposits have a 33% RRR and savings accounts a 20% ratio.^[31]
China	17.00	China cut bank reserves again to counter slowdown as of 29 February 2016.^[32]
Tajikistan	20.00
Suriname	25.00	Down from 27%, effective 1 January 2007^[33]
Lebanon	30.00	^[34]

Historical changes in reserve ratios

In some countries, the cash reserve ratios have decreased over time; in some countries they have increased:^[35]

Country	1968	1978	1988	1998
United Kingdom	20.5	15.9	5.0	3.1
Turkey	58.3	62.7	30.8	18.0
Germany	19.0	19.3	17.2	11.9
United States	12.3	10.1	8.5	10.3
India^[36]	3	6	10	10-11

(Ratios are expressed in percentage points.)

References

^ “Monetary Policy Aims – Bank of Russia”. archive.org. 7 July 2001.
^ Michael, McLeay. “Money creation in the modern economy”(PDF). Bank of England.
^ Benes, Jaromir, and Michael Kumhof. The chicago plan revisited. International Monetary Fund, 2012. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
^ Benes, Kumhof. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf
^ See generally Regulation D, at 12 C.F.R. sec. 204.4 and sec. 204.5
^ “eCFR — Code of Federal Regulations”. http://www.ecfr.gov.
^ See 12 C.F.R. sec. 204.2(k).
^ Jump up to:^a ^b ^c “The Fed – Reserve Requirements”. federalreserve.gov.
^ Ahorny, Joseph; Saunders, Anthony; Swary, Itzhak (1985). “The Effects of the International Banking Act on Domestic Bank Profitability and Risk”. Journal of Money, Credit, and Banking. JSTOR. 17: 493–506. JSTOR 1992444.
^ “International Banking Act of 1978”. Banking Law 101.
^ Jump up to:^a ^b “Central banks’ exit strategies from quantitative easing”. Hong Kong Monetary Authority. Retrieved 13 August 2009.
^ Jump up to:^a ^b ^c ^d Jagdish Handa (2008). Monetary Economics (2nd ed.). Routledge. p. 347.
^ “Sterling Operations – Implementation of Monetary Policy”. Bank of England. Retrieved 26 August 2013.
^ Lecture 8, Slide 4: “Central Banking and the Money Supply” from the presentation Monetary Macroeconomics by Dr. Pinar Yesin, University of Zurich, based on 2003 survey of CBC participants at the Study Center Gerzensee
^ “Inquiry into the Australian Banking Industry”, Reserve Bank of Australia, January 1991
^ [1]
^ Lotsberg, Kari “Archived copy” (PDF). Archived from the original (PDF) on 8 December 2015. Retrieved 1 December2015. Penning- & valutapolitik, p. 45-47, 1994:2
^ Bank, European Central. “How to calculate the minimum reserve requirements”. European Central Bank.
^ “Minimum Reserve Ratio”. Bank of Latvia. Retrieved 29 December 2010.
^ “Narodowy Bank Polski – Internet Information Service”. nbp.pl.
^ “Banca Naţională a României – Reserve requirements”. http://www.bnr.ro.
^ Central bank of Russia Required reserve ratio on credit institutions’ liabilities to non-resident has been raised to 4.0%
^ [2] ndtv.com
^ http://businessdayonline.com/2014/11/banks-squeezed-further-as-n40bn-may-vanish-from-industry-wide-profits/#.VHbDB51fqUk
^ Liquidity ratio and liquid reserves of deposit money banks. Data released by Taiwan’s central bank in October 2010.
^ “Iceland Reserve Requirement Ratio | Economic Indicators”. http://www.ceicdata.com. Retrieved 9 January 2018.
^ “Minimum capital ratio” (PDF). Bank of Israel. Retrieved 29 December 2010.
^ “Ordinance No. 21 of the BNB on the Minimum Required Reserves Maintained with the Bulgarian National Bank by Banks” (PDF). Bulgarian National Bank.
^ Decision on Reserve Requirements, Croatian National Bank(in Croatian)
^ “Nepal Rastra Bank”. http://www.nrb.org.np.
^ “Circular 3.632” (PDF). bcb.gov.br.
^ CNBC (29 February 2016). “China central bank cuts reserve requirement ratio”. cnbc.com.
^ “Reserve base en Kasreserve”. Centrale Bank van Suriname. Retrieved 21 December 2009.
^ “Lebanon ‘immune’ to financial crisis”. 5 December 2008 – via news.bbc.co.uk.
^ IMF Financial Statistic Yearbook
^ Chronology of Bankrate, CRR and SLR Changes Archived29 August 2011 at the Wayback Machine, Reserve Bank of India

External links

Title 12 of the Code of Federal Regulations (12CFR) PART 204–RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (REGULATION D) (See Section §204.4 for current reserve requirements.)
Reserve Requirements – Fedpoints – Federal Reserve Bank of New York
Reserve Requirements – The Federal Reserve Board
Hussman Funds – Why the Federal Reserve is Irrelevant – August 2001
Don’t mention the reserve ratio

https://en.wikipedia.org/wiki/Reserve_requirement

[1] “Monetary Policy Aims – Bank of Russia”. archive.org. 7 July 2001.

[2] Michael, McLeay. “Money creation in the modern economy”(PDF). Bank of England.

[3] Benes, Jaromir, and Michael Kumhof. The chicago plan revisited. International Monetary Fund, 2012. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf

[4] Benes, Kumhof. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf

[5] See generally Regulation D, at 12 C.F.R. sec. 204.4 and sec. 204.5

[6] “eCFR — Code of Federal Regulations”. http://www.ecfr.gov.

[7] See 12 C.F.R. sec. 204.2(k).

[federalreserve-8] Jump up to:^a ^b ^c “The Fed – Reserve Requirements”. federalreserve.gov.

[effects-9] Ahorny, Joseph; Saunders, Anthony; Swary, Itzhak (1985). “The Effects of the International Banking Act on Domestic Bank Profitability and Risk”. Journal of Money, Credit, and Banking. JSTOR. 17: 493–506. JSTOR 1992444.

[bank-10] “International Banking Act of 1978”. Banking Law 101.

[auto-11] Jump up to:^a ^b “Central banks’ exit strategies from quantitative easing”. Hong Kong Monetary Authority. Retrieved 13 August 2009.

[monetary-economics-12] Jump up to:^a ^b ^c ^d Jagdish Handa (2008). Monetary Economics (2nd ed.). Routledge. p. 347.

[13] “Sterling Operations – Implementation of Monetary Policy”. Bank of England. Retrieved 26 August 2013.

[14] Lecture 8, Slide 4: “Central Banking and the Money Supply” from the presentation Monetary Macroeconomics by Dr. Pinar Yesin, University of Zurich, based on 2003 survey of CBC participants at the Study Center Gerzensee

[15] “Inquiry into the Australian Banking Industry”, Reserve Bank of Australia, January 1991

[16] [1]

[17] Lotsberg, Kari “Archived copy” (PDF). Archived from the original (PDF) on 8 December 2015. Retrieved 1 December2015. Penning- & valutapolitik, p. 45-47, 1994:2

[18] Bank, European Central. “How to calculate the minimum reserve requirements”. European Central Bank.

[19] “Minimum Reserve Ratio”. Bank of Latvia. Retrieved 29 December 2010.

[20] “Narodowy Bank Polski – Internet Information Service”. nbp.pl.

[21] “Banca Naţională a României – Reserve requirements”. http://www.bnr.ro.

[22] Central bank of Russia Required reserve ratio on credit institutions’ liabilities to non-resident has been raised to 4.0%

[23] [2] ndtv.com

[24] ttp://businessdayonline.com/2014/11/banks-squeezed-further-as-n40bn-may-vanish-from-industry-wide-profits/#.VHbDB51fqUk

[25] Liquidity ratio and liquid reserves of deposit money banks. Data released by Taiwan’s central bank in October 2010.

[26] “Iceland Reserve Requirement Ratio | Economic Indicators”. http://www.ceicdata.com. Retrieved 9 January 2018.

[27] “Minimum capital ratio” (PDF). Bank of Israel. Retrieved 29 December 2010.

[28] “Ordinance No. 21 of the BNB on the Minimum Required Reserves Maintained with the Bulgarian National Bank by Banks” (PDF). Bulgarian National Bank.

[29] Decision on Reserve Requirements, Croatian National Bank(in Croatian)

[30] “Nepal Rastra Bank”. http://www.nrb.org.np.

[31] “Circular 3.632” (PDF). bcb.gov.br.

[32] CNBC (29 February 2016). “China central bank cuts reserve requirement ratio”. cnbc.com.

[33] “Reserve base en Kasreserve”. Centrale Bank van Suriname. Retrieved 21 December 2009.

[34] “Lebanon ‘immune’ to financial crisis”. 5 December 2008 – via news.bbc.co.uk.

[35] IMF Financial Statistic Yearbook

[36] Chronology of Bankrate, CRR and SLR Changes Archived29 August 2011 at the Wayback Machine, Reserve Bank of India

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

[21]

[22]

[23]

[24]

[25]

[26]

[27]

[28]

[29]

[30]

[31]

[32]

[33]

[34]

[35]

[36]

2nd quarter 2019:	2.1 percent
1st quarter 2019:	3.1 percent

Liability Type	Requirement
Liability Type	% of liabilities	Effective date
Net transaction accounts ¹
$0 to $16.3 million²	0	1-17-19
More than $16.3 million to $124.2 million³	3	1-17-19
More than $124.2 million	10	1-17-19
Nonpersonal time deposits	0	12-27-90
Eurocurrency liabilities	0	12-27-90

Effective date (beginning of maintenance period)	Low reserve tranche amount (millions of U.S. dollars)	Exemption amount (millions of U.S. dollars)
January 14, 1982	26.0	n.a.
December 23, 1982	n.a.	2.1
January 13, 1983	26.3	***
January 12, 1984	28.9	2.2
January 3, 1985	29.8	2.4
January 2, 1986	31.7	2.6
January 1, 1987	36.7	2.9
December 31, 1987	40.5	3.2
December 29, 1988	41.5	3.4
December 28, 1989	40.4	3.4
December 27, 1990	41.1	3.4
December 26, 1991	42.2	3.6
December 24, 1992	46.8	3.8
December 23, 1993	51.9	4.0
December 22, 1994	54.0	4.2
December 21, 1995	52.0	4.3
December 31, 1996	49.3	4.4
January 1, 1998	47.8	4.7
December 31, 1998	46.5	4.9
December 30, 1999	44.3	5.0
December 28, 2000	42.8	5.5
December 27, 2001	41.3	5.7
December 26, 2002	42.1	6.0
December 25, 2003	45.4	6.6
December 23, 2004	47.6	7.0
December 22, 2005	48.3	7.8
December 21, 2006	45.8	8.5
December 20, 2007	43.9	9.3
January 1, 2009	44.4	10.3
December 31, 2009	55.2	10.7
December 30, 2010	58.8	10.7
December 29, 2011	71.0	11.5
December 27, 2012	79.5	12.4
January 23, 2014	89.0	13.3
January 22, 2015	103.6	14.5
January 21, 2016	110.2	15.2
January 19, 2017	115.1	15.5
January 18, 2018	122.3	16.0
January 17, 2019	124.2	16.3

Missy Higgins
Missy Higgins, ARIA No. 1 Chart Awards, 10 August 2012
Background information
Birth name	Melissa Morrison Higgins
Born	19 August 1983 (age 36)
Origin	Melbourne, Victoria
Genres	Pop rock, indie, acoustic
Occupation(s)	Singer-songwriter, musician
Instruments	Vocals, piano, synthesiser, guitar, melodica, xylophone, cowbell, ukulele
Years active	2001–present
Labels	Eleven Reprise Warner Bros.
Associated acts	John Porter Pete Murray John Butler Trio Kevin Griffin Jump, Little Children Powderfinger
Website	missyhiggins.com.au

Year	Nominee / work	Award	Result
2005	“Scar” (Missy Higgins, Kevin Griffin) – Missy Higgins	Song of the Year^[103]	Won
	“Ten Days” (Missy Higgins, Jay Clifford) – Missy Higgins	Song of the Year^[105]	Nominated
	Missy Higgins	Breakthrough Award^[104]	Won
2006	“The Special Two” (Missy Higgins) – Missy Higgins	Song of the Year^[106]	Nominated
	“The Special Two” (Missy Higgins) – Missy Higgins	Most Performed Australian Work^[106]	Nominated
	“Ten Days” (Missy Higgins, Jay Clifford)	Most Performed Australian Work^[106]	Nominated

Year	Nominee / work	Award	Result
2004	“Scar“	Single of the Year	Nominated
		Best Female Artist	Nominated
		Breakthrough Artist – Single	Nominated
		Best Pop Release	Won
	“Scar” – Squareyed Films	Best Video	Nominated
2005	The Sound of White	Album of the Year	Won
		Best Female Artist	Won
		Highest Selling Album	Won
		Breakthrough Artist – Album	Won
		Best Pop Release	Won
	The Sound of White – Cathie Glassby	Best Cover Art	Nominated
	“The Special Two“	Single of the Year	Nominated
	“The Special Two“	Highest Selling Single	Nominated
2006	If You Tell Me Yours, I’ll Tell You Mine	Best Music DVD	Nominated
2007	On a Clear Night	Best Female Artist	Won
		Best Pop Release	Nominated
		Highest Selling Album	Nominated
	“Steer“	Highest Selling Single	Nominated
2008	“Peachy“	Best Female Artist	Nominated
2012	The Ol’ Razzle Dazzle	Best Female Artist	Nominated
		Album of the Year	Nominated
		Best Adult Contemporary Artist	Won
	“Everyone’s Waiting” – Natasha Pincus	Best Video	Won
2013	“Set Me on Fire”	Best Female Artist	Nominated
2018	Solastalgia	Best Adult Contemporary Album	Nominated

Jeffrey Epstein
Epstein’s July 2006 mugshot
Born	Jeffrey Edward Epstein January 20, 1953 New York City, New York, U.S.
Died	August 10, 2019 (aged 66) Metropolitan Correctional Center, New York City, New York, U.S.
Residence	New York City Palm Beach, Florida Stanley, New Mexico Paris, France U.S. Virgin Islands
Education	Cooper Union (no degree) New York University (no degree)
Occupation	Financier Owner, Jeffrey Epstein VI Foundation
Criminal charge	Sex offender, Sex trafficking
Criminal penalty	13 months with work release (2008)

Financial regulation
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