Final answer:
The Federal Reserve's three main responsibilities are conducting monetary policy, promoting financial system stability, and providing banking services to commercial banks and the government.
Step-by-step explanation:
The three main responsibilities of the Federal Reserve are to conduct monetary policy, promote stability of the financial system, and provide banking services to various entities.
The Fed's role in conducting monetary policy is its most important function, which includes managing interest rates and credit conditions to influence economic activity. It uses tools such as open market operations, changing reserve requirements, and adjusting the discount rate to implement this policy. Additionally, the Fed acts to ensure the stability of the financial system and provides essential banking services to commercial banks, other depository institutions, and the federal government.