The Federal Reserve System has many functions and responsibilities. Which of the following does not describe...
The Federal Reserve System has many functions and responsibilities. Which of the following does not describe the Fed?
a.It serves as the Federal government's bank.
b. It is not one bank, but rather 12 district banks.
c. It is a government agency and dependent on its funding from the Federal government.
d. It serves as part of the regulatory structure for the banking system.
e. It holds most of the reserves of banks.
Homework Answers
The Federal Reserve System has many functions and responsibilities. Which of the following does not describe the Fed?
Ans
c. It is a government agency and dependent on its funding from the Federal government.
Explanation: Federal Reserve bank is not a dependent agency but independent within the government agency. Fed's income does not come from the budgetary process but Fed interest on government securities, which acquired through Open market operations.
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