The Federal Reserve Bank of New York is one of twelve regional banks that make up the Federal Reserve System
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Located at 33 Liberty Street in Lower Manhattan, it is the largest (by assets), the most active (by volume), and the most influential of the Reserve Banks.
The Federal Reserve Bank of New York is uniquely responsible for implementing monetary policy on behalf of the Federal Open Market Committee and acts as the market agent of the entire Federal Reserve System (as it houses the Open Market Trading Desk and manages System Open Market Account).[2] It is also the sole fiscal agent of the U.S. Department of the Treasury, the bearer of the Treasury's General Account, and the custodian of the world's largest gold storage reserve.[3] Aside from these distinct functions, the New York Fed also performs the same responsibilities and tasks as the other Reserve Banks do, such as supervision and research.[4][5]
Given its central role within the Federal Reserve System, the New York Fed and its president are therefore considered first among equals among the other regional Reserve banks.[6] Its current president is John C. Williams.
^"Bank Leadership". www.newyorkfed.org. Archived from the original on January 23, 2023. Retrieved February 5, 2023.
^"Monetary Policy Implementation". www.newyorkfed.org. Federal Reserve Bank of New York. Archived from the original on March 4, 2022. Retrieved March 4, 2022.
^Treasury Bulletin Archived September 28, 2021, at the Wayback Machine (December 2020): Ownership of Federal Securities
^Matt Taibbi (July 13, 2009). "The Great American Bubble Machine". Rolling Stone. p. 6. Archived from the original on April 6, 2010. Retrieved September 9, 2012.
^"About the Fed." Archived March 22, 2021, at the Wayback Machine New York Federal Reserve Web page. Footnote upgraded/confirmed March 30, 2010.
^Spitzer, Eliot (May 6, 2009). "The New York Fed is the most powerful financial institution you've never heard of. Look who's running it". Slate Magazine. Archived from the original on January 11, 2020. Retrieved March 31, 2020.
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