Monetary policy is the process by which a monetary authority controls the money supply, often to produce stable prices and low unemployment.
The Federal Reserve was created to promote financial stability, provide regulation and banking services, and conduct monetary policy.
The Federal Reserve System (The Fed) was designed in order to maintain the central bank's independence and promote decentralized power.
The Federal Open Market Committee is responsible for conducting open market operations in order to achieve a target interest rate.
The Fed responded to the financial crisis with conventional open market operations and unconventional credit facilities and bailouts.
While central banks share responsibility for monetary policy, their structures, methods, and primary goals differ across countries.