ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The East Rutherford Operations Center (EROC) at 100 Orchard Street, East Rutherford, New Jersey, is the regional office for cash handling and banknote processing of the Federal Reserve Bank of New York .

Detailed explanation-2: -The Federal Reserve Bank of New York is led by president and CEO John C. Williams. The Second Federal Reserve District, headquartered in New York, includes New York state, northern New Jersey, and Fairfield County in Connecticut. The New York Fed also serves the Commonwealth of Puerto Rico and the U.S. Virgin Islands.

Detailed explanation-3: -The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.

Detailed explanation-4: -The Federal Reserve System is not “owned” by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation’s central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.

Detailed explanation-5: -At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and providing thought leadership on issues that impact the nation and communities we serve.