Additional duties were assigned to them as a result of subsequent developments. Reserve Banks now have broad responsibilities, playing a central role in the nation's payment systems and also in monetary policy through their participation in open market operations and membership on the Federal Open Market Committee.
In addition, the Reserve Banks  1  My remarks today reflect my own thoughts and not necessarily those of the other members of the Federal Reserve Board. Rich Ashton and Yvonne Mizusawa, of the Board's Legal Division, contributed to these remarks.