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Test 3 (got 96%)

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Department
Economics
Course
ECON 2035
Professor
All Professors
Semester
Fall

Description
Test 3 Mar 21Ch 11Creation of the federal reserve systemThe bank of the us was created to function as a central bankEstablished in 1913 Structure The writers of the Federal Reserve Act wanted to diffuse power along regional lines between private sector and government and among bankers business people and the publicThis has resulted in the evolution of the Federal Reserve System 12 districtsPower is divided in 3 ways1Among bankers and business interest2Among states and regions3Between govt and private sector4 groups empowered to perform separate duties1The Federal Reserve banks2Private commercial member banks3Board of governors4The Federal open market committee FOMCAll national banks were required to join the systemState banks were given the option to joinFederal Reserve BanksQuasipublic institution owned by private commercial banks in the district that are members of the fed systemMember banks elect 6 directors for each district 3 more are appointed by the board of governors3 A directors are professional bankers3 B directors are prominent leaders from industry labor agriculture or consumer sector
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