Monetary Policy and the Federal Reserve: Current Policy and Conditions [Updated February 6, 2020] [open pdf - 1MB]
From the Introduction: "The Federal Reserve's (the Fed's) responsibilities as the nation's central bank fall into four main categories: monetary policy, provision of emergency liquidity through the lender of last resort function, supervision of certain types of banks and other financial firms for safety and soundness, and provision of payment system services to financial firms and the government. Congress has delegated responsibility for monetary policy to the Fed, but retains oversight responsibilities to ensure that the Fed is adhering to its statutory mandate of 'maximum employment, stable prices, and moderate long-term interest rates.' The Fed has defined stable prices as a longer-run goal of 2% inflation--the change in overall prices, as measured by the Personal Consumption Expenditures (PCE) price index. [...] This report provides an overview of how monetary policy works and recent developments, a summary of the Fed's actions following the financial crisis, and ends with a brief overview of the Fed's regulatory responsibilities."
CRS Report for Congress, RL30354
Congressional Research Service: https://crsreports.congress.gov/