Federal Reserve Bank of New York

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 by far 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). 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. 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. 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. Its current president is John C. Williams. The Federal Reserve Bank of New York opened for business on November 16, 1914, under the leadership of Benjamin Strong Jr., who had previously been president of the bankers Trust Company. He led the bank until his death in 1928. Strong became the executive officer (then called the "governor"—today, the term would be "president"). As the leader of the Federal Reserve's largest and most powerful district bank, Strong became a dominant force in U.S. monetary and banking affairs. One biographer has termed him the "de facto leader of the entire Federal Reserve System".