The Division of Monetary Affairs is responsible for research and analysis to support the Board and the Federal Open Market Committee in the conduct of monetary policy, especially in the areas of finance, money and banking, and monetary policy design and implementation. The Division also provides expertise on open market operations, discount window policy, and reserve markets.
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The FOMC Secretariat works closely with the FOMC, carrying out a wide range of administrative duties in support of the Committee's activities. Routine duties include meeting arrangements, the production of minutes and transcripts of meetings, and the maintenance of the Committee's official records. More broadly, the Secretariat serves as a repository of knowledge about the Committee's history, operating procedures, and precedents. In this capacity, it conducts research pertaining to the monetary policy and methods of operations.