Federal Reserve Bank of New York

About Federal Reserve Bank of New York

The most powerful of the 12 Federal Reserve Banks. The New York Fed implements monetary policy through open market operations and manages the Feds foreign exchange interventions. It holds over 400 billion in gold, the largest gold reserve in the world, in a vault 80 feet below street level. The NY Fed president is always a voting member of the FOMC. The NY Fed supervised Wall Street banks including during the 2008 crisis. Timothy Geithner, NY Fed president during 2008, became Treasury Secretary. The NY Feds markets desk executes the bond purchases and sales that implement quantitative easing and tightening.