By TheStreet Staff Who Is the Federal Reserve?The Federal Reserve is the central bank of the United States. Also known as “The Fed,” it is in charge of the country’s monetary policies. It also designs fiscal policies with the goal of achieving a healthy economy with low prices and maximum employment. Which 3 Entities Make Up the Federal Reserve?The Board of Governors oversees the Federal Reserve system—including setting target interest rates known as the discount rate. It also controls reserve requirements. Governors are appointed by the U.S. President and confirmed by the U.S. Senate. The cha…