what are the 3 main purposes of the federal reserve system 
the three main purposes of the federal reserve system are these goals were laid out in the federal reserve act that created the federal reserve system who controls the federal reserve the federal reserve is the central bank of the united states and is managed by the board of governors of the federal reserve the board is based in washington d c and is made up of seven members who are nominated by the president of the united states and confirmed by the u s senate who controls monetary policy monetary policy is controlled by a central bank in the united states this is the federal reserve a central bank controls open market operations reserve requirements and the discount window rate a country s government is responsible for fiscal policy such as setting taxes the bottom linethe federal reserve system refers to the central bank of the united states the fed as it is commonly known sets the monetary policy of the united states its responsibilities also include regulating banking institutions monitoring and protecting the credit rights of consumers maintaining the stability of the financial system and providing financial services to the u s government 