In the United States, the Federal Reserve most commonly uses overnight repurchase agreements (repos) to temporarily create money, or reverse repos to temporarily destroy money, which offset temporary changes in the level of bank reserves. The Federal Reserve also makes outright purchases and sales of securities through the System Open Market Account (SOMA) with its manager over the Trading Desk at the New York Reserve Bank. The trade of securities in the SOMA changes the balance of bank reserves, which also affects short-term interest rates. The SOMA manager is responsible for trades that result in a short-term interest rate near the target rate set by the Federal Open Market Committee ("FOMC"), or create money by the outright purchase of securities. More rarely will it permanently destroy money by the outright sale of securities. These trades are made with a group of about 22 banks and bond dealers called primary dealers.