The Federal Reserve System Quiz
How can members in the Fed be removed
"for cause"
In the District System how many districts is the country divided into
12
how long is the term for members
14 yrs.
What district is Greenville, SC in and where is the district bank located
5, Richmond, VA
how many members are on the Board of Governors
7
how many members are part of the Board
9
who is the current chairman
Ben S. Bernanke
Who can remove Fed members
Congress
Name the 3 ways the Fed is independent
Politically, Financially, Operationally
who appoints the Chairman of the Board of Governors
President
who selects the members and who confirms them
President, Congress
What is the nickname of the Federal Reserve System
The Fed
who supervises the buying and selling of US Government Bonds
The Federal Open Market Committee (FOMC)
What act put The Federal Reserve System in place
The Federal Reserve Act of 1913
Who signed The Federal Reserve System into law
Woodrow Wilson
how were the districts determined
by financial need of an area of the country
what does "for cause" mean
commits a federal crime
What are the 3 general responsibilities of the Fed
controls the issuance of currency, provides banking services to the nation's commercial banks
What does each district have
its own central bank
can 2 members come from the same district
no
who supervises all districts
the Board
Who guides the Fed
the Board of Governors
who is the most influential person at the Fed
the Chairman of the Board of Governors
what is the Fed
the central bank
What is the purpose of the Board supervising the districts
to make sure the districts do what they're supposed to
What is the purpose of The Federal Reserve System
to put an end to the bank panics of the 1800s
Congress created the Fed therefore what can Congress do
vote legislation to dissolve the Fed
