Michael T. Belongia summarizes the proceedings of a conference held at the Federal Reserve Bank of St. Louis in honor of the Federal Reserve System's 75th anniversary. The papers at this conference reviewed the historical performance of monetary policy in the United States, why the Federal Reserve might choose the federal funds rate as its operating target, whether the Federal Reserve should be constrained by a monetary rule with a target of price stability, how the money stock should be measured and whether monetary actions have significant effects on real output. A complete conference program and instructions on how to obtain the proceedings also are included.