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Board of Governors of the Federal Reserve System
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Monetary Affairs 

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.

Program Direction

Program Direction sets objectives and allocates resources, and coordinates and oversees the Division's work, facilitating staff efforts to carry out the Division's mission. In addition, official staff in Program Direction support the Board and the FOMC by preparing analysis on a wide range of monetary policy issues and by directing the FOMC Secretariat, act as a liaison with the trading desk at the Federal Reserve Bank of New York in connection with open market operations and implementation of monetary policy, contribute to Board efforts surrounding supervision, regulation, and financial stability, and participate on Board and System oversight committees and represent the Federal Reserve on international and domestic interagency working groups.

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Last update: October 30, 2014