ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Federal Advisory Council
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Consumer Advisory Council
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Thrift Institutions Advisory Council
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State Bank Advisory Council
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Detailed explanation-1: -The Federal Advisory Council (FAC), which is composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board’s jurisdiction. The council ordinarily meets four times a year, the minimum number of meetings required by the Federal Reserve Act.
Detailed explanation-2: -In the given statement, the council of economic advisers is not a part of the federal reserve system as they cannot advise the federal banks on the monetary policies.
Detailed explanation-3: -Answer and Explanation: The Fed does not provide banking services to consumers. It is tasked with oversight over the banking sector, regulating the money supply in the economy and implementing monetary policies.
Detailed explanation-4: -The Reserve Banks are decentralized by design and are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.