Final answer:
The Federal Reserve does not have the function of limiting the national debt as it is a part of fiscal policy, not monetary policy.
Step-by-step explanation:
The Federal Reserve System (the Fed) has numerous functions, but some key ones are conducting monetary policy, setting the required reserve ratio for depository institutions, buying and selling government bonds to control the size and growth rate of the money supply, and controlling inflation. The one function that is not part of the Federal Reserve's responsibilities is limiting the national debt. This is because the control of the national debt falls under the purview of fiscal policy, which is managed by the federal government through its spending and taxation decisions, not the central bank.