What is the primary role of the Federal Reserve?

The primary role of the Federal Reserve is to manage the U.S. monetary system and control inflation. This includes formulating and implementing monetary policy with the goal of achieving stable prices and maximum sustainable employment. By adjusting interest rates and influencing the money supply, the Federal Reserve can help smooth out the business cycle, address economic challenges such as inflation or recession, and promote overall economic stability.

While the Federal Reserve does indeed issue currency and coins, this function is a part of its broader responsibilities related to monetary policy and economic management. The regulation of international trade and oversight of local banks are outside the central focus of the Federal Reserve's mission, which primarily centers on domestic monetary policy and financial system stability.