ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What percent of commercial banks in the US are members of the Federal Reserve System?
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7%
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15%
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38%
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75%
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Explanation:
Detailed explanation-1: -Federal Reserve Membership More than one-third of U.S. commercial banks are members of the Federal Reserve System. National banks must be members; state chartered banks may join by meeting certain requirements.
Detailed explanation-2: -The 12 Federal Reserve Banks and their 24 Branches are the operating arms of the Federal Reserve System.
Detailed explanation-3: -There are 4, 236 FDIC-insured commercial banking institutions in the U.S. as of 2021 but 72, 166 commercial bank branches.
Detailed explanation-4: -01-Boston. 02-New York. 03-Philadelphia. 04-Cleveland. 05-Richmond. 06-Atlanta. 07-Chicago. 08-St. Louis. More items •24-Aug-2022
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