The Federal Reserve Bank of New York supervises and regulates financial institutions to maintain payment systems in New York. It offers various services, including formulating and executing monetary policy; supervising and regulating depository institutions; providing an elastic currency; assisting the federal government's financing operations; and serving as the banker for the U.S. government. The company also provides reporting forms and instructions, which collect and analyze a range of reports; mergers and acquisitions that review mergers, acquisitions, and expansionary proposals from state member banks; payment systems, which provide a range of payment services for financial institutions; and consumer protection services. In addition, it offers foreign exchange, open market operations, and securities lending services. Further, the company conducts research on capital markets, national economy, global economy, money and payments studies, regional economy, financial intermediation, and research publications, as well as offers educational materials to schools, colleges, and universities. It has locations in New York and Buffalo, New York. The Federal Reserve Bank of New York was founded in 1913 and is based in New York, New York.