| A | B |
|---|
| The Federal Open Market Committee: | meets in Washington D.C. to make monetary policy decisions |
| The head of the formal organization of the Federal Reserve System is the: | Board of Governors |
| Reserve Banks: | carry out the Fed's policies at a regional level |
| The members of the Board of Directors of each of the regional Banks: | select the president of the banks on which they serve as directors |
| This activitie is not carried out by the Reserve Bank | printing U.S. dollars |
| How many districts make up the Federal Reserve System? | 12 |
| How many members of the FOMC can vote at any one meeting? | 12 |
| Which is not an entity of the Federal Reserve System? | Senate finance Committee |
| Reserve Banks act as a bank for the U.S. government by performing all but one of the folloring operations: | minting US coins |
| The Banking Act of 1935: | established the FOMC as a separate legal entity, set the memebership of the Board of Fovernors at seven, provided for all memebers of the Board of Governors to be confirmed by the Senate, set the term of office of governors at 14 years |
| The First Bank of the United States: | was controlled by banking interests |
| The National Banking Act of 1863: | created a duel banking system and established a uniform currency |
| Before the founding of the Federal Reserve, banking panics were common because: | our banking system experienced liquidity problems, currency notes were often counterfeited, our economy was expanding and our currency was inelastic, there was no mechanism in place to regulate banking activities |
| Which of the following acts separated commercial and investment banking and collateralized Federal Reserve notes? | The Banking Act of 1933 |
| The Monetary Control Act of 1980 | required the Fed to price its financial services competitvely, contributed to the proliferation of the interstate banking, established reserve requirements for all eligible financial institutions, enabled banks to offer interest-paying accounts |
| The gold standard ended: | in 1933 as a redult of a decision by Franklin Roosevelt |
| The Federal Reserve Act: | was brought about following the Panic of 1907, provided a public-private model for central bank governance, was maneuvered through Congress by President Woodrow Wilson, was signed into law on December 23, 1913 |
| The Federal Reserve-Treasury Accord: | enhanced the independence of the Federal Reserve |
| Which of the following led the opposition to the Second Bank of the United States? | Andrew Jackson |
