Simplify the following text for a Grade 12 native English-speaking person.
Original: Setting up a system of rules , institutions , and procedures to regulate the international monetary system , the planners at Bretton Woods established the International Monetary Fund ( IMF ) and the International Bank for Reconstruction and Development ( IBRD ) , which today is part of the World Bank Group .
Simplified: The planners at Bretton Woods set up a system of rules , institutions , and procedures to regulate the international monetary system . They started the International Bank for Reconstruction and Development ( IBRD ) ( now one of five institutions in the World Bank Group ) and the International Monetary Fund ( IMF ) .