Question

PLEASE HURRY

1. What are the 3 parts of the Federal Reserve?

2. How many Board of Governors are there?

3. How many District/Reserve Banks are there?

4. Which Reserve Bank President always gets a vote with the FOMC (hint: which city)?

5. How many votes are there in the FOMC, the group that takes action on the nation's money supply?

6. What is the long term goal of the Federal Reserve (hint: discussed at the research department)

7. How do banks get money so that it can be lended out to businesses and consumers?

Answer 1

1. The Board of Governors
The Federal Reserve Banks
The Federal Open Market Committee

2. 7

3. 12

4. New York

5. 12

6. Maximum employment
Stable prices
Moderate long-term interest rates

7. Taking out loans from depositors and paying them back with a set interest rate