Federal Reserve Bank of New York

The Federal Reserve Bank of New York is one of the twelve Federal Reserve Banks of the United States and is located in New York City in New York State. It has a secondary office in Buffalo, New York. It is responsible for the Second District of the Federal Reserve System, which includes New York, northern New Jersey, Fairfield County, Connecticut, Connecticut, Puerto Rico, and the Virgin Islands.

Related Topics:
Federal Reserve Banks - United States - New York City - New York - Buffalo, New York - New Jersey - Fairfield County, Connecticut - Connecticut - Puerto Rico - Virgin Islands

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The New York Fed is the most important and largest (in terms of assets, not geography) of the regional banks. New York City is the financial capital of the United States, and the New York Fed is responsible for conducting open market operations, that is, the buying and selling of outstanding US Treasury securities. Note that the responsibility for issuing new US Treasury securities lies with the Bureau of the Public Debt. It is also responsible for carrying out exchange rate policy by buying and selling dollars in the rare occasions when the Fed's Board of Governors direct it to do so. In 2003, Fedwire, the Fed's system for transferring balances between Fed and other banks, transferred $1.8 trillion a day in funds, of which about $1.1 trillion originated in the Second District and $1.3 trillion a day in securities, of which $1.2 trillion originated in the Second District.

Related Topics:
Open market operations - US Treasury securities - Bureau of the Public Debt - Exchange rate - Fedwire

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The NY Fed has a gold vault 80 feet (25 m) beneath the street. This depository is the largest in the world, larger even than Fort Knox. The gold—which is valued at $90 billion—is owned by many foreign nations, including Saudi Arabia and Kuwait. Free tours of the vault are available to the public.

Related Topics:
Gold - Vault - Fort Knox - Saudi Arabia - Kuwait

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The NY Fed's president is the only regional Bank president with a permanent vote and is traditionally selected as its vice chairman. The current president is Timothy F. Geithner.

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