EXHIBIT 99.01


                       FEDERAL HOME LOAN BANK OF NEW YORK
                     CORPORATE GOVERNANCE COMMITTEE CHARTER
               APPROVED BY THE BOARD OF DIRECTORS ON JUNE 16, 2005
                          EFFECTIVE AS OF JULY 1, 2005

A. PURPOSE

The purpose of the Corporate Governance Committee ("Committee") of the Board of
Directors ("Board") of the Federal Home Loan Bank of New York ("Bank") is to:
(1) make recommendations to the Board or the Board's Executive Committee, as the
case may be, regarding the membership and/or structure of Board committees; (2)
make recommendations to the Board regarding the filling of vacant elective
Directorships; (3) oversee, through the Chair of the Committee, the process for
the annual review of the Board's performance; (4) develop and recommend to the
Board a set of formal Corporate Governance Guidelines applicable to the Bank;
(5) oversee Director orientation and education programs and (through the
disinterested members of the Committee) the annual Director election process;
and (6) review and make recommendations to the Board regarding the Bank's
Director Compensation Policy, all in compliance with applicable laws, rules and
regulations, including the applicable rules of the Federal Housing Finance Board
(collectively, the "Applicable Rules"). The Committee is committed to adopt, to
the extent possible, the best practices that pertain to corporate governance
committees of public companies and which are relevant to the Bank.

B. CHARTER

The scope of the Committee's responsibilities and how it carries out those
responsibilities shall be set forth in this charter ("Charter"), which has been
adopted and approved by the Board and may be amended by the Board from time to
time. The Committee shall review and reassess the adequacy of the Charter and
make any recommendations to the Board relating to the foregoing on an annual
basis.

C. MEMBERSHIP

The Committee shall consist of at least five directors, all of whom must be
independent, as determined in accordance with the Applicable Rules that pertain
to the Audit Committee of the Bank.

The Board's Executive Committee shall appoint the members of the Committee, and
one Committee member shall be designated by the Executive Committee as the
Chair. The Executive Committee may remove any member of the Committee in its
discretion at any time.

D. MEETINGS

The Committee shall meet at least annually and at such other times and through
such methods as determined by the Chair of the Committee. A majority of the
members of the Committee shall constitute a quorum for the transaction of
business. The Committee Chair will report the results of Committee meetings to
the Board.





E. RESPONSIBILITIES

The Committee shall:

     1.   Make recommendations to the Board or the Executive Committee, as the
          case may be, regarding the membership and/or the structure of the
          Board's Committees.

     2.   Make recommendations to the Board regarding the filling of vacant
          elective Directorships.

     3.   Oversee, through the Committee Chair, the process for the annual
          assessment of Board performance.

     4.   Develop and recommend to the Board a set of specific Corporate
          Governance Guidelines; further, the Committee shall annually review
          and reassess the adequacy of such Guidelines and recommend any
          proposed changes to the Board for approval.

     5.   Monitor and direct management as may be necessary regarding (i) the
          orientation program for new Directors and (ii) continuing education
          programs provided to Directors.

     6.   Oversee, through the disinterested members of the Committee, the
          Bank's annual election of Directors, and monitor and direct
          management's performance of ministerial and administrative functions
          pertaining to the elections process.

     7.   Review and assess annually the Bank's Director Compensation Policy and
          recommend any proposed changes to the Board for approval.

     8.   Review and assess Committee performance annually and report to the
          Board on the results of such review.

     9.   Review and assess the adequacy of this Charter annually and recommend
          any proposed changes to the Board for approval.

F. AUTHORITIES

The Committee shall have the authority to:

     1.   Have full access, at its discretion, to any employee of the Bank.

     2.   Engage independent counsel and other advisers as it determines
          necessary to carry out its duties, at the expense of the Bank.

     3.   Establish, as necessary, other rules and/or operating procedures in
          order to fulfill its obligations under this Charter and the Applicable
          Rules.

     4.   Form, and delegate authority to, subcommittees when appropriate.


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