Since the foundation of the banking system of the Federal Reserve, the Federal Reserve Bank of New York located in Manhattan's financial district, has been the place where you force the monetary policy of the United States, although this is defined in Washington DC by the Board of Governors of the Federal Reserve System. The Bank is the largest of the whole system, in terms of assets, and one of the most important among the 12 member banks in the system. Operating in the financial capital of the United States, the New York bank is responsible for conducting open market operations, buying and selling securities from the treasury of the United States. It is important to stress that the issuance of these securities is the responsibility of the Bureu of the Public Debt (Public Debt Office). In 2003, Fedwire, the Federal Reserve System to transfer balances among themselves and with other banks, transferred 1.8 trillion a day in funds, of which at least 1.1 trillion originated in the second district. National Magazine Exchange Also transferred 1.3 trillion a day in securities, of which 1.2 trillion originated in the second district. The New York Fed is also responsible for implementing the policy rate, to buy or sell dollars under the direction of the Department of the Treasury. The New York Federal Reserve is the only regional bank that has a permanent vote on the Federal Open Market Committee "(Federal Open Market Committee) and its president is traditionally elected as vice-chairman of this committee. The current president is Timothy F. Geithner.
The New York Fed to start operations on November 16, 1914 under the leadership of Benjamin Strong Jr., who previously was president of the Bankers Trust Company. Led the bank until his death in 1928. The bank grew rapidly during its early years, which forced him to seek a new location.