What does the Federal Reserve Board oversee?

The Federal Reserve Board primarily oversees Federal Reserve Banks and the formulation and implementation of monetary policy. This includes controlling inflation, managing employment levels, and stabilizing the financial system through various tools such as setting interest rates and regulating the money supply. By influencing monetary conditions, the Board aims to promote a healthy economy, making its role central to the financial system in the United States.

In contrast, mortgage underwriting guidelines and federal housing policy are typically overseen by other regulatory bodies and agencies, such as the Federal Housing Administration or the Consumer Financial Protection Bureau, rather than the Federal Reserve. The sale of Fannie Mae bonds relates to mortgage-backed securities and is managed by the Federal National Mortgage Association (Fannie Mae) itself, not the Federal Reserve directly. Therefore, the Board's focus on monetary policy and the federal banking system distinguishes it from other areas mentioned in the options.