Economic Stabilization Fund

The ESF is is a fund used to stabilize the U.S. dollar in times of foreign
exchange volatility. The fund is administered jointly by the Treasury
Department and the Federal Reserve Board, through its New York offices.
Fund resources, appropriated by Congress, are usually provided fifty
percent by Treasury and the Fed. Although not a major role, the fund has
also been used in swap agreements with other countries to support their
currencies. The fund was established by the Gold Reserve Act of 1934.