Federal Reserve Bank of New York

Established in 1914, the Federal Reserve Bank of New York is a key component of the U.S. central banking system, the Federal Reserve. It serves the Second District, which includes New York State, northern New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. The New York Fed plays a unique and crucial role within the system by acting as the primary implementer of the nation's monetary policy through open market operations, serving as a depository for the U.S. government, and holding official gold reserves for foreign central banks. Its mission is to foster a safe, sound, and competitive banking system and a stable and efficient financial system that supports the pursuit of maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy.