DEFINITION of Federal Reserve Bank Of New York
The Federal Reserve bank that is responsible for the second district and is located in New York City. The Federal Reserve Bank of New York's territory includes parts of the states of New Jersey and Connecticut, as well as the entire state of New York. It is also responsible for Puerto Rico and the U.S. Virgin Islands.
The Federal Reserve Bank of New York is the largest in of the 12 Reserve banks in the Federal Reserve System in terms of asset value. The current president of the Federal Reserve Bank of New York is William Dudley who is set to retire in mid-2018. Dudley will be succeeded by John Williams, the current president and chief executive of the Federal Reserve Bank of San Francisco.
BREAKING DOWN Federal Reserve Bank Of New York
The Federal Reserve Bank of New York is responsible for executing the central bank's monetary policy by reviewing price inflation and economic growth, and by regulating the banks within its territory. It provides cash to banks within its district, as well as monitoring electronic deposits. The president of the Federal Reserve Bank of New York, along with the presidents of the other Banks and the seven governors of the Federal Reserve Board, meet to set interest rates every six weeks. This is referred to as the Federal Open Market Committee (FOMC).
Bank notes printed by Federal Reserve Bank of New York are denoted by the mark "B2", which represents the second district ("B" is also the second letter of the alphabet).