Final answer:
In 2008, there were about 7,085 banks in the Federal Reserve System. The number decreased due to bank failures and mergers during the Great Recession, and by 2014, there were 5,571 banks left. The actions that the Federal Reserve Bank took concerning reserve requirements during this time typically aim to stimulate the economy.
Step-by-step explanation:
In 2008, there were approximately 7,085 banks that participated in the Federal Reserve System. The period between 2007-2009, known as the Great Recession, saw numerous bank failures and mergers, leading to a decrease in the number of banks. By the end of the fourth quarter in 2014, the number of banks in the United States had reduced to 5,571. This consolidation of banks was significant given that the 12 largest banks (which constituted only 0.2% of the total) controlled 69 percent of all banking assets, as reported by the Dallas Federal Reserve.
During the Great Recession, the Federal Reserve Bank took several measures to stabilize the economy, one of which included adjusting reserve requirements. While this answer does not provide the specific actions regarding reserve requirements, it is understood that during economic downturns, central banks may lower reserve requirements to encourage lending and stimulate economic activity.