The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States . It is located at 33 Liberty Street , New York , NY . It is responsible for the Second District of the Federal Reserve System , which encompasses New York state , the 12 northern counties of New Jersey , Fairfield County in Connecticut , Puerto Rico , and the US Virgin Islands . Working within the Federal Reserve System, the New York Federal Reserve Bank implements monetary policy, supervises and regulates financial institutions [ 1 ] and helps maintain the nation's payment systems. [ 2 ]