LeoGlossary: Federal Reserve Bank of New York (FRBNY)
One of the 12 banks of the Federal Reserve System. This is the second district. It comprises of New York State, 12 counties in New Jersey, Fairfield County (Connecticut), the Virgin Islands, and Puerto Rico.
Founded: November 16, 1914 Headquarters: 33 Liberty Street, New York, NY
The New York Federal Reserve Bank handles most of the market operates for the Fed. Contained is the open market operations desk along with SOMA. Due to this, the New York Fed President is considered the top among all those filling that position at the other banks.
It responsibilities are:
- formulating and executing monetary policy
- supervising and regulating depository institutions
- providing an elastic currency
- assisting the federal government's financing operations
- serving as the banker for the U.S. government
These are common with the other branches of the Federal Reserve System. Some of the unique services the New York Fed provides are:
- conducting open market operations
- intervening in foreign exchange markets
- storing monetary gold for foreign central banks, governments and international agencies
There are three areas to the mission of the New York Fed:
- monetary policy
- supervision and regulation
- international operations
It also operates two key financial services for the banking system.
- FedWire which handles large payments
- The ACH system
Even though they are overseen by the Fed in general, the New York Fed is responsible for their operation.
- Federal Reserve Bank of NY President
- List Of New York Federal Reserve Bank Presidents
- New York Fed Website
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