Question

Economics :)

The Fed sets policy at the ___ meetings
What was the importance of the Supreme Court case Kelo v. New London (2005)?
Multiple Choice answers are provided below. Thanks!

Answer 1

1. Federal Open Market Committee
2. It gave the government more power in practicing eminent domain

Step-by-step explanation:

The Federal Open Market Committee of the Fed is responsible for coming up with policy in relation to money supply such as Open Market Operations. They also review current money supply and assess it's effects. It is made up of the seven Board of Governors members, the President of the New York Fed and then four out of the remaining Fed Presidents.

The Supreme Court case of Kelo v. New London (2005) involved some land owners suing the City of New London for wanting to exercise it's powers of eminent domain. The Court decision gave the Government more power in practicing eminent domain because it ruled that the Government does not have to take private property for public use but can take private property for private use if this private use brings public benefits.