The Federal Reserve Bank of New York (FRBNY) is the largest and most prominent Federal Reserve Bank (Federal Reserve Banks) in the Federal Reserve System (the Fed). As the supervisory and regulatory authority of many national banks and other financial institutions, the FRBNY exercises considerable authority and influence and is the Federal Reserve Bank through which the US Department of the Treasury (Treasury Department) and the Fed implement US government monetary policies and programs. For example, the FRBNY implements many of the programs the Treasury Department and the Fed established in response to the financial crisis (see Practice Note, Government Bailout Programs).
In addition, the FRBNY:
• Buys and sells US Treasury securities using its open market operations under an authorization granted to it by the Federal Open Market Committee (FOMC).
• Extends credit to banks in certain circumstances using its discount window operations.
• On behalf of the Treasury Department and the Fed, carries out foreign exchange market intervention to help achieve dollar exchange rate policy objectives.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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