A diagram of Fed Monetary Policy making through oversight of the Federal Open Market Committee (image located here https://www.richmondfed.org/-/media/richmondfedorg/publications/education/the_frs_in_action/organization.jpg):

• Fed governors and presidents oversee open market operations conducted every business day
• Reserve Bank directors establish the discount rate every two weeks, subject to the approval of the Board of Governors
• The Board sets reserve requirements, but changes them only rarely. organization of the Federal Reserve System

Image is linked on this page: The Federal Reserve System in Action

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