, In the past, the country's economic policy had been defined by the Employment Act of 1946, which encouraged the federal government to pursue "maximum employment, production, and purchasing power" through cooperation with private enterprise.

Congress encouraged the government to develop a sound monetary policy, controlling inflation and pushing toward full employment by managing the amount and liquidity of currency in circulation.

The main tasks of the Federal Reserve are:
Supervise and regulate banks
Implement monetary policy by open market operations, setting the discount rate, and setting the reserve ratio
Maintain a strong payments system
Control the amount of currency that is made and destroyed on a day to day basis
The Federal Reserve is comprised of a board of governors. The 7 members of the board are appointed by the President and confirmed by the Senate. Members are elected to terms of 14 years, with the ability to serve for no more than one term.

The......

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Title: Fiscal Policy
Approximate Word Count: 745
Approximate Pages: 3 (250 words per double-spaced page)

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