Who is responsible for determining monetary policy in the United States?

The responsibility for determining monetary policy in the United States lies primarily with the Federal Reserve System. The Federal Reserve, often referred to as "the Fed," is the central banking system of the U.S. and is tasked with managing the nation's monetary policy to promote maximum employment, stabilize prices, and moderate long-term interest rates.

The Federal Reserve uses various tools, such as open market operations, the discount rate, and reserve requirements, to influence the amount of money and credit in the economy. By adjusting these elements, the Fed can aim to meet its dual mandate of fostering economic conditions that achieve stable prices and sustainable growth.

The other entities mentioned, like the Department of Treasury and Congress, do have significant roles in fiscal policy and government spending, but they do not control monetary policy. The Office of Management and Budget focuses on the administration's budget proposals and financial management within the federal government, further distinguishing these functions from the responsibilities of the Federal Reserve.