Which of the following functions is NOT performed by any of the twelve regional

Question

Which of the following functions is NOT performed by any of the twelve regional Federal Reserve Banks? (16 A) check clearing B) conducting economic research C) setting interest rates payable on time deposits D) issuing new currency (17) Members of the Board of Governors are A) chosen by the Federal Reserve Bank presidents. B) appointed by the newly elected president of the United States, as are cabinet positions C) appointed by the president of the United States and confirmed by the Senate. D) never allowed to serve more than 7-year terms. (18) Critics of the current system of Fed independence contend that A) voters have too much say about monetary policy B) the current system is undemocratic. C) the president has too much control over monetary policy on a day-to-day basis. D) the Board of Governors is held responsible for policy missteps.

Explanation / Answer

16) C is correct

Federal reserve banks do not set interest rate on time deposits. Rest of the functions are performed by federal reserve bank only.

17) C is correct

Federal reserve banks are governed by members of board of governed who are appointed by President and confirmed by senate.

18) b is correct

Critics criticises current system of fed by emphasizing that it is undemocratic.

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