Table 4.XVII

The Federal Reserve Bank of New York serves the second district of the Federal Reserve system, which includes all of New York State, 12 northernly counties of New Jersey, Fairfield county of Connecticut and Puerto Rico and the US Virgin Islands. The Bank provides all the same services to the second district that the other 11 district Federal Reserve Banks provide to theirs.

The New York Fed has several unique functions that are not performed elsewhere. These include executing monetary policy on behalf of the Federal Open Market Committee, the policy making body; all activity in the foreign exchange market in cooperation with the US Treasury on the rare occasions when this is done; overseeing the market and the dealers in the Treasury securities market; interfacing with foreign central banks and official institutions in these institutions' management of their dollar holdings; and maintaining a gold vault for safekeeping of their gold reserves.

As of June, 2012, the value of gold holdings was $8,417 million with gold valued at $42.22 per fine Troy ounce. This translates to about 6,201 metric tons of gold.