The New York Federal Reserve Bank

The Wall Street Journal reports:

Today the New York Fed's balance sheet, at $1.1 trillion, is larger than the entire Federal Reserve's total balance sheet was a year ago.

Reserve Bank Presidents aren't chosen by the Administration, though obviously Mr. Geithner will have a voice in the matter. The selection is made by the board of the New York Fed, which consists of representatives from the banking industry -- including, at the moment, Jamie Dimon of J.P. Morgan Chase -- and the public at large.

America's strangest institution.