Answer: True
Step-by-step explanation:
The Federal Open Market Committee is a part of the Federal Reserve who's job it is to effect the Fed's monetary policy by using Open Market operations which include the buying and selling of securities.
In the past, they used to effect monetary policy by also setting targets for M1 and M2 to meet its goals of price stability and high employment. This practice ended in 2002 with the expiration of the Humphrey-Hawkins legislation which had required the Fed to use the said set targets.