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(US ECONOMY) One of the 12 district [Federal Reserve Banks]. Based in New York (2nd FR district). Along with members of the [Federal Reserve Board], enjoys a permanent seat on the FOMC (other district banks only get to rotate). Main job is to regulate banks and administer monetary policy through open market [operations]. Former New York Fed president Tim Geithner is now Secretary of the US Treasury Department (as of early 2009).
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