ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Become a government entity
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Charge for its financial services
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Transition its payment processing services to local banks
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Product U.S. currency and coin
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Detailed explanation-1: -The Monetary Control Act of 1980 (MAC) was an important piece of financial legislation that required all depository institutions to meet Federal Reserve minimum requirements.
Detailed explanation-2: -To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes. Deregulation and Monetary Control Act of 1980".
Detailed explanation-3: -The provisions of the Monetary Control Act include the following: To ensure equity, commercial banks must have lower interest rate ceilings than Savings and Loan Associations. Federal Reserve has the right to set reserve requirements, which is the amount of money a bank must have in its reserves.
Detailed explanation-4: -L. 96–221) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31. It gave the Federal Reserve greater control over non-member banks.
Detailed explanation-5: -National Bank National banks are required to be members of the Federal Reserve System and belong to the Federal Deposit Insurance Corporation.