#1
When was the Federal Reserve System established?
1913
ExplanationEstablished in 1913.
#2
How many Federal Reserve Banks are there in the United States?
12
ExplanationThere are 12 Federal Reserve Banks.
#3
Which U.S. President signed the Federal Reserve Act into law?
Woodrow Wilson
ExplanationWoodrow Wilson signed the Federal Reserve Act.
#4
How many regional Federal Reserve Banks are there?
12
ExplanationThere are 12 regional Federal Reserve Banks.
#5
Which event led to the establishment of the Federal Reserve System?
Panic of 1907
ExplanationEstablished in response to the Panic of 1907.
#6
Who serves as the Chairman of the Federal Reserve Board of Governors?
The Chair of the Federal Reserve Board
ExplanationThe Chair of the Federal Reserve Board serves as the Chairman.
#7
Who was the President of the United States when the Federal Reserve Act was signed into law?
Woodrow Wilson
ExplanationWoodrow Wilson was the President.
#8
What event prompted the establishment of the Federal Reserve System?
The Panic of 1907
ExplanationEstablished in response to the Panic of 1907.
#9
What is the primary function of the Federal Reserve System?
Monetary policy
ExplanationPrimary function is monetary policy.
#10
Who is known as the 'Father of the Federal Reserve'?
Paul Warburg
ExplanationPaul Warburg is known as the 'Father of the Federal Reserve'.
#11
What is the term length for a Federal Reserve Board Governor?
10 years
ExplanationTerm length is 10 years.
#12
Which of the following is not one of the Federal Reserve's primary monetary policy tools?
Income tax rates
ExplanationIncome tax rates are not a primary tool.
#13
Who serves as the chairman of the Board of Governors of the Federal Reserve System?
The Chair of the Federal Reserve
ExplanationThe Chair of the Federal Reserve serves as the chairman.
#14
Which act significantly expanded the powers and responsibilities of the Federal Reserve System?
Dodd-Frank Wall Street Reform and Consumer Protection Act
ExplanationDodd-Frank Act expanded powers and responsibilities.
#15
What is the term used for the interest rate at which banks lend reserves to each other overnight?
Federal funds rate
ExplanationFederal funds rate is the overnight lending rate.
#16
Which of the following is not one of the Federal Reserve's dual mandates?
Economic growth
ExplanationEconomic growth is not a dual mandate.
#17
What term is used to describe the total amount of money held by the public, including currency and deposits?
M2 money supply
ExplanationM2 money supply is the total money held by the public.