As the central bank of the United States, the Federal Reserve System (the Fed) formulates and administers policy for the nation_s monetary and credit affairs. The Fed is thus the nation_s key financial institution, with the power to transfer funds, to handle government deposits and debt issues, to supervise and regulate banks, and to act as lender of last resort. Despite the preeminent position of the Fed in monetary and economic matters, this is the first research collection that aims to document the rise of the Fed to power and its continuing influence over the national economy. Part 2: Minutes of Meetings of the Federal Open Market Committee, 1923_1975. The Federal Open Market Committee (FOMC) is the Fed_s most visible policy-making unit. The FOMC determines the policy concerning the purchase and sale of government securities. Whether there is a national trend toward easy credit or tight credit, whether interest rates are high or low, whether there is a favorable financial climate for businesses to invest and expand or an adverse climate that fosters reduced production, the activities of the FOMC help to determine these conditions and many others. Part 2 gives researchers their first complete record of the FOMC in action. The frank discussions of the FOMC on national and international economic and financial developments, on political pressures versus fiscal realities, and on a wide range of other crucial issues are available in their entirety in this publication.