The Federal Reserve Bank of New York, commonly known as the New York Fed, is one of the twelve regional Federal Reserve Banks in the United States, established following the passage of the Federal Reserve Act in 1913 and officially opening for business on November 16, 1914. It serves the Second Federal Reserve District, which encompasses the State of New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. As the largest (by assets), most active (by volume), and most influential of the Reserve Banks, it plays a key role in monetary policy implementation, financial supervision, and payment systems in the U.S. The New York Fed holds unique responsibilities within the Federal Reserve System, including implementing monetary policy on behalf of the Federal Open Market Committee (FOMC) through its Open Market Trading Desk, serving as the sole fiscal agent for the U.S. Department of the Treasury, maintaining the Treasury's General Account, and acting as custodian of the world's largest gold storage reserve. It also supervises and regulates depository institutions, operates critical payment systems, engages in international operations to promote financial stability, provides economic research, data, and statistics, and fosters innovation through initiatives like the New York Innovation Center. Headquartered in a 22-story limestone and sandstone building at 33 Liberty Street in Lower Manhattan, designed by the architectural firm York and Sawyer and completed in 1924, the bank is governed by a board of directors and led by a president, adhering to strict ethical standards, disclosures, and annual financial reporting.