Final answer:
The FDIC is not a part of the Federal Reserve System; the Federal Reserve includes the Board of Governors, the FOMC, and 12 regional Federal Reserve Banks.
Step-by-step explanation:
The component that is not a part of the Federal Reserve System is the Federal Deposit Insurance Corporation (FDIC).
The Federal Reserve, established in 1913, is the central banking system of the United States. The main components of the Federal Reserve System include the Board of Governors, the Federal Open Market Committee (FOMC), and the 12 regional Federal Reserve Banks. The Board of Governors consists of seven members appointed by the President of the United States and is responsible for overseeing the Federal Reserve System. The FOMC is instrumental in setting monetary policy, such as interest rates and macroeconomic policy. Additionally, the 12 regional Federal Reserve Banks provide support to the nation’s economic and financial systems by serving as banks for commercial banks in their respective districts.
The FDIC, established in 1933, is an independent agency of the federal government that protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. Despite its significant role in the banking sector, the FDIC operates independently of the Federal Reserve System.
Answer: c. FDIC