Final answer:
The option that is not a function of the Federal Reserve System for controlling the money supply is printing currency. The Federal Reserve regulates interest rates and conducts open market operations, and sets reserve requirements but does not print currency.
Step-by-step explanation:
A student has inquired about which of the following is not one of the functions of the Federal Reserve System as a means of controlling the supply of money. Between regulating interest rates, printing currency, conducting open market operations, and setting reserve requirements, the option that is not a function of the Federal Reserve System as a means of controlling the money supply is printing currency.
The Federal Reserve does indeed regulate interest rates, conduct open market operations, and set reserve requirements. These are among the primary tools the Fed uses to implement U.S. monetary policy, alongside influencing the federal funds rate target and the discount rate. However, printing currency is technically the responsibility of the U.S. Treasury, specifically the Bureau of Engraving and Printing. While the Federal Reserve does affect the turnover and distribution of currency by influencing monetary policy, it does not print currency itself. Therefore, the correct answer is Option 2: Printing currency.