The Federal Reserve Bank of New York is one of twelve regional banks in the Federal Reserve System. It is responsible for implementing monetary policy, supervising and regulating financial institutions, and providing financial services to the U.S. government. The bank is located in New York City and serves the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. The Federal Reserve Bank of New York was established in 1914 and is the largest of the twelve regional banks.