Understanding the Federal Reserve System

What year was the Federal Reserve Act created?

• 1913

• 1907

• 1920

• 1899

Who is the Federal Reserve owned by?

• International banks

• Member banks

• Private investors

• The U.S. Government

How many regional district banks are in the Federal Reserve System?

• 10

• 20

• 12

• 15

What is the primary job of the Federal Reserve?

• To set educational policies

• To print money

• To regulate the banking system

• To collect taxes

Who appoints the Board of Governors of the Federal Reserve?

• The President

• The House of Representatives

• The Senate

• State Governors

What is the term length for a member of the Board of Governors?

• 5 years

• 20 years

• 14 years

• 10 years

Which Federal Reserve Bank must always be a part of the FOMC?

• Atlanta

• New York

• Chicago

• San Francisco

What major function does the Federal Reserve serve regarding the federal government?

• It oversees education

• It acts as the federal government's bank

• It collects taxes

• It manages healthcare

Where is the Federal Reserve Board of Governors headquartered?

• New York City

• Washington D.C.

• San Francisco

• Chicago

What does the Federal Reserve use to control inflation?

• Federal laws

• Educational programs

• Monetary policy

• Healthcare regulations