The Consulate is today first and foremost a trade and investment office and hosts the Icelandic Trade Commission for North America, Invest in Iceland, Film in Iceland, Icelandic American Chamber of Commerce and Iceland Naturally, in partnership with Promote Iceland.

The Consulate General of Iceland was established as a trade office in 1939 and Consulate General in 1940, being the first Icelandic diplomatic mission after the establishment of the Icelandic Foreign Service earlier that year.