ECONOMICS
FINANCIAL MARKETS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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central bank
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member banks
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Federal Reserve Board
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national bank
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Detailed explanation-1: -Any qualified state-chartered bank may become a member of the Federal Reserve System. The 12 regional Reserve Banks supervise state member banks as part of the Federal Reserve System’s mandate to ensure strength and stability in America’s banking system.
Detailed explanation-2: -A commercial bank whose charter is approved by the Office of the Comptroller of the Currency (OCC) rather than by a state banking agency. National banks are required to be members of the Federal Reserve System and belong to the Federal Deposit Insurance Corporation.
Detailed explanation-3: -The Federal Reserve is the federal regulator of about 1, 000 state-chartered member banks, and cooperates with state bank regulators to supervise these institutions. The Federal Reserve also regulates all bank holding companies.
Detailed explanation-4: -No. The Fed is responsible only for monetary policy and banking system oversight.