Operations of the Federal Reserve Bank of St. Louis—1972
Functions performed by the Federal Reserve System can be divided into three broad categories: economic stabilization, bank supervision, and the performance of numerous services for commercial banks, the U.S. government, and the public. The economic stabilization role is primarily conducted on a Systemwide basis through the Board of Governors and the Federal Open Market Committee (FOMC), while the service and supervisory roles are largely responsibilities of the twelve Federal Reserve Banks.