The Federal Reserve System Quiz

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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


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