Final answer:
The District Bank of the Federal Reserve System is not a financial intermediary, unlike commercial banks, savings and loan associations, and life insurance companies, which all function as intermediaries by accepting deposits and making loans.
Step-by-step explanation:
Among the options given, the one that is not a financial intermediary is the District Bank of the Federal Reserve System. By definition, financial intermediaries are institutions that stand between savers, who deposit money, and borrowers, who receive loans.
This includes commercial banks, savings and loan associations, and life insurance companies. They offer a variety of accounts such as checking accounts, savings accounts, and certificates of deposit, and they play a crucial role in the financial system by accumulating funds from savers and then lending those funds out to borrowers.
Conversely, the Federal Reserve banks are part of the central bank system of the United States and, although they engage in financial activities, they do not function as intermediaries in the same way because they do not accept deposits from the public or make personal loans.