LIVE UPDATES: FBI Arrests Person in Federal Reserve Bomb Plot

The Federal Bureau of Investigation on Wednesday arrested a person suspected of plotting to explode a bomb in New York, a source familiar with the situation said.

The FBI's Acting Assistant Director Mary Galligan also released the following statement on the attempted bombing:

"Attempting to destroy a landmark building and kill or maim untold numbers of innocent bystanders is about as serious as the imagination can conjure. The defendant faces appropriately severe consequences. It is important to emphasize that the public was never at risk in this case, because two of the defendant's 'accomplices' were actually an FBI source and an FBI undercover agent. The FBI continues to place the highest priority on preventing acts of terrorism."

UPDATE: 7:10p ET

UPDATE: 4:15p ET -- The map below shows just how close the Federal Reserve Building is to the World Trade Center site.

UPDATE: 4:00p ET -- The identity of the man arrested in the bomb plot has been identified as 21-year-old Quazi Mohammad Rezwanul Ahsan Nafis. Get more information on the suspect HERE.

UPDATE: 3:55p ET -- Rick Leventhal provided more details about the suspect, who is a Bangladeshi national who traveled to the U.S. in January for the sole purpose of carrying out a terrorist attack.

He raised red flags after he posted comments about jihad online. In trying to recruit others to form a terror cell in the U.S., the suspect came across an undercover FBI agent who the suspect believed was someone who also wanted to commit a terrorist act. The undercover agent

provided him with twenty 50-pound bags of what was supposed to be explosive material. This morning, they put that 1,000 pounds of material in a van and drove to the Federal Reserve Bank. The suspect then tried to detonate the "bomb," which was of course fake.

Below is more information from Reuters:

The person was arrested in lower Manhattan on Wednesday morning on terrorism charges, a person familiar with the matter said. The person asked not to be identified because the case was not public.

The public was never in danger, the source said.

The New York Post and the local NBC television affiliate reported the target was the Federal Reserve Bank of New York, which is located in lower Manhattan's financial district.

Spokesmen for the FBI and the Federal Reserve could not immediately be reached for comment.

Stay tuned to Fox News Channel for updates.