What are the three parts of the Federal Reserve System are the Reserve Banks the Federal Open Market Committee (FOMC) and the?

The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the Board of Governors. The Reserve Banks serve as the operational arms of the Federal Reserve, implementing monetary policy and providing financial services. The FOMC is responsible for setting monetary policy through open market operations, while the Board of Governors oversees the entire Federal Reserve System and ensures its stability and effectiveness.