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The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy. The Federal Reserve controls the three tools of monetary policy--open market operations, the discount rate, and reserve requirements. The Fed - Federal Open Market Committee Federal Reserve Board (.gov) https://.federalreserve.gov › monetarypolicy › fomc Federal Reserve Board (.gov) https://.federalreserve.gov › monetarypolicy › fomc
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