Under the Federal Reserve Act of 1913

question 241

Multiple Choice

Under the Federal Reserve Act of 1913,

• A) membership in the Federal Reserve System was made voluntary for all banks.
• B) federally chartered banks were required to join the Federal Reserve System.
• C) membership in the Federal Reserve System was required of all banks that had deposits of more than $1 million.
• D) all banks were required to hold reserves equal to at least 50 percent of their deposits.

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Definitions:

Environmental Protection Agency

A U.S. federal agency responsible for creating standards and laws to protect human health and the environment.

University of Maryland

A public research university located in College Park, Maryland, known for its extensive research and educational programs.

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