What advisory council provides guidance to the Federal Reserve's Board of Governors?

The Federal Advisory Council is the correct option as it serves as a consultative body for the Board of Governors of the Federal Reserve System. This council is composed of representatives from each of the twelve Federal Reserve Districts and meets regularly to discuss various economic and banking issues. The council's primary role is to provide input and advice on matters concerning the banking industry, economic conditions, and the effectiveness of policies administered by the Federal Reserve. By offering their insights, the members of the Federal Advisory Council contribute to the decision-making process regarding monetary policy and other critical functions of the Federal Reserve.

In contrast, the other options do not serve the same function. The Monetary Policy Committee typically refers to bodies in other countries or institutions that focus specifically on setting monetary policy. A Banking Oversight Committee may suggest a focus on regulatory oversight, but it does not directly advise the Board of Governors. The Financial Stability Committee, while related to issues of systemic risk and financial stability, does not have a direct advisory role regarding the Federal Reserve's broader functions. Thus, the Federal Advisory Council is uniquely positioned to fulfill the advisory needs of the Federal Reserve's leadership.