By law, the Federal Reserve must conduct monetary policy to maintain low inflation and low unemployment. This directive is known as a. The Federal Reserve Act of 1913. b. The Dual Mandate. c. The Monetary Policy Rule. d. The Henry Clay Economic System. By law, the Federal Reserve must conduct monetary policy to maintain low inflation and low unemployment. This directive is known as a. The Federal Reserve Act of 1913. b. The Dual Mandate. c. The Monetary Policy Rule. d. The Henry Clay Economic System