What is the FOMC, who serves on the committee and what important decision does this committee make that affects every American?

Learning Goal: I’m working on a economics writing question and need a reference to help me learn.Use powerpoint to answer below questions.1. List and briefly describe the four main responsibilities of the FederalReserve.2. What is the FOMC, who serves on the committee and what importantdecision does this committee make that affects every American?3. What are the three possible goals of central bank monetary policy? Isit possible that a central bank that aims at more than one goal couldface conflicts between the two goals that it is considering? Explain.4. Describe in only a few sentences the central idea behind monetarypolicy.5. Describe a central bank’s role as lender of last resort during a financialcrisis.6. The financial crisis of 2007-09 resulted in immediate action by the Fedto cut interest rates. Two or three months later some economiccommentators complained that the Federal Reserve’s policies hadobviously failed to turn the economy around because things were stillgetting worse. Was this a fair complaint against the Fed? Why or whynot?7. Decide if the following statement is true or false, and explain yourchoice: “the advantage of monetary policy is that it always works: a risein rates reduces spending and growth of GDP, and a fall in ratesincreases spending and growth of GDP”.
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