The Federal Open Market Committee, a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations. It is this Federal Reserve committee which makes key decisions about interest rates and the growth of the United States money supply. It is the principal organ of United States national monetary policy. The Committee sets monetary policy by specifying the short-term objective for the Fed's open market operations, which is currently a target level for the federal funds rate. The FOMC also directs operations undertaken by the Federal Reserve System in foreign exchange markets, although any intervention in foreign exchange markets is coordinated with the U.S. Treasury, which has responsibility for formulating U.S. policies regarding the exchange value of the dollar.