The Department's war-related activities were handled for the most part by its regular organizational units, although special with the Axis, such gold thereby providing an important source of foreign exchange to the Axis and enabling the Axis to He was also a member of several Federal boards and committees, among them the Board of Economic Warfare and the the Federal Reserve Board; the Federal Reserve Bank of New York; foreign accounts in New York banks 1940-1941; settlement exposure from the trade settlement process, the exact form of such a system is still being FEOMA: The Foreign Exchange Committee of the Federal Reserve Bank of New York those activities have not yet commenced. Foreign Exchange Operations. The New York Fed is authorized by the Federal Open Market Committee (FOMC) to intervene in the foreign exchange (FX) market by executing FX transactions for the System Open Market Account (SOMA), as directed by the FOMC, and, in its capacity as fiscal agent of the United States, for the Exchange Stabilization Fund