The Astonishing Story of the Federal Reserve on 9-11
By the time employees could all hear the muffled thump coming from the direction of the Pentagon and smoke could be seen out the windows the staff had secured themselves and the premises and they had started to organize their war room. The President, George W. Bush, was still reading a children’s book.
Within 41 minutes of the second plane hitting the World Trade Center, Federal Reserve Vice Chairman Roger Ferguson had dusted off the Fed’s Y2K plan and was working to protect the entire US financial system.
Certainly, no other organization within the government was positioned to respond as quickly and to reach as deeply down into the fabric of the emergency as was the Fed.
Ferguson is one of the unsung heroes of 9/11.