By TheStreet Staff What Is the Fed? What Does It Do?TheFederal Reserve, also known as the Fed, is the central bank of the United States. It is in charge of setting sound monetary policies which keep employment high and the economy strong. What Happens at FOMC Meetings?About every six weeks, its Federal Open Market Committee (FOMC) meets privately to discuss the latest economic data, developments in financial markets and any steps it plans to take. Participation ranges from the Fed Chair to its Board of Governors to the presidents of the country’s 12 federal reserve banks, although only the 12 …