Final answer:
The Board of Governors of the Federal Reserve has primary responsibilities which include the operations of the Fed the regulation of commercial banks and conducting the nation's monetary policy. iscal policy is not managed by the Fed and the U.S. doesn't maintain a gold standard.
Step-by-step explanation:
The Primary Responsibilities of the Federal Reserve's Board of Governors: The Federal Reserve's Board of Governors has several crucial functions. Among these, three main responsibilities stand out as primary: the operations of the Fed, the regulation of commercial banks, and the conduct of the nation's monetary policy. It's essential to understand that the Federal Reserve does not maintain the gold standard, as the U.S. moved away from that system in 1971. Furthermore, fiscal policy is primarily managed by the government—specifically, Congress and the Executive Branch—so it is not within the direct responsibilities of the Federal Reserve.
The Board of Governors is involved in setting discount rates and reserve requirements, and the Federal Open Market Committee handles open market operations, all of which are vital tools of monetary policy. Ensuring the stability and regulation of the banking sector is also a significant role of the Fed. Therefore, the correct answer to the student's question is option 4: 'the operations of the Fed, commercial bank regulation, and monetary policy.'