The Federal Reserve (the Fed) is the central bank of the United States. It has a congressional mandate to promote maximum sustainable employment and price stability. In normal times, the Fed seeks to achieve this mandate by setting the position or "stance" of monetary policy, primarily by managing the level of short-term interest rates. While the mandated goals were articulated in 1977, the approach and tools (i.e., "regime") used to implement policy have changed over time. Before the financial crisis, the Fed implemented policy with "limited" reserves and relied on open market operations as its key tool. Today, the Fed implements policy with "ample" reserves and relies on interest on reserves, and in particular interest on excess reserves, as its principal tool. This article is intended as a summary of the Fed's current monetary policy framework to address the "curriculum lag." This information is essential for economics and government teachers, or anyone who teaches about economic policy and the Federal Reserve. It will also help educators and students to better follow monetary policy discussions in the financial news.