The Federal Reserve Bank of New York is one of 12 Reserve Banks that, together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC), comprise the Federal Reserve System. The Federal Reserve Bank of New York is also referred to as the New York Fed.
The New York Fed serves the Second Federal Reserve District, covering New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands.
The New York Fed is the largest (by assets), most active (by volume), and most influential of the 12 regional Federal Reserve Banks.