"The Fed Explained" Or Not

     Saw this, read it, still don't quite understand it: 

       "Created in 1913, the Federal Reserve is America's central bank, responsible for managing monetary policy to optimize employment, inflation and interest rates; monitoring and promoting the health and safety of U.S. financial institutions; and protecting consumers---among many other duties.  

   Its Federal Reserve Board of governors is appointed by the President and confirmed by the Senate, and it's accountable to Congress. The Fed encompasses 12 Federal Reserve banks across the country and the Federal Open Market Committee, which manages the nation's money supply."  

  ( I have no recollection of ever having heard of the Federal Open Market Committee.  Must be it's a good thing to have...