Which tool did the Federal Reserve rely on must frequently to conduct monetary policy? Open-market operations Selective credit controls Changes in the required reserve ratio Changes in the discount rate Changes in margin requirements Choose the most correct answer by clicking a button, or by typing a letter from the keyboard and pressing the tab key. The Board of Governors of the Federal Reserve System is: elected periodically by the people. elected by member banks. appointed by the Department of the Treasury. appointed by the President and approved by the Senate. Choose the most correct answer by clicking a button, or by typing a letter from the keyboard and pressing the tab key.