The Fed has: The Fed has: no control of reserves in the banking system but good control of bank lending and the money supply. a good control of reserves in the banking system but not a good control of bank lending and the money supply. a good control of reserves in the banking system but not a good control of bank lending, however a good control of the money supply. not a very good control of reserves in the banking system, not a very good control of bank lending, and not a very good control of the money supply