The function is headed by the Bank's general counsel and is divided into two divisions, each headed by a deputy general counsel: The Supervision, Markets, and Financial Services (SMFS) division provides legal advice in connection with (i) financial institution supervisory and regulatory matters, including legal support for supervision and regulatory reporting and legal analysis of regulatory applications; (ii) the Bank's open market, U.S. Treasury auction, foreign exchange, reference rate and discount window operations; (iii) the Bank's external and sponsored committees; and (iv) the Federal Reserve's provision of accounts and financial services to depository institutions, the U.S. Treasury and other government agencies, government-sponsored enterprises, foreign central banks and international organizations, and other entities. Through this rotation, the Legal Fellow will have the opportunity to take on a wide variety of legal work, which may include the following types of matters, among others: financial institution supervision and regulation, market and discount window operations, regulatory enforcement investigations, account and financial services, payments law and regulation, employment, transparency, contracts, and litigation.