The Board of Governors of the Federal Reserve System is responsible for two of the three tools of monetary policy: the discount rate and reserve requirements. The third, and by far most powerful--open market operations--is the responsibility of the Federal Open Market Committee. In addition, the Board submits to the Congress, pursuant to section 2B of the Federal Reserve Act, a semiannual report on the System's conduct of monetary policy.
Board members | Monetary Policy Report to the Congress