Which ONE of the Following Describes a 'Consolidating Statute

question 16

Multiple Choice

Which ONE of the following describes a 'consolidating statute'?

• A) One that restates legal subject matter that was previously contained in earlier statutes, common law and custom.
• B) One that re-enacts particular legal subject matter that was previously contained in several statutes.

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Definitions:

Banks

Financial institutions that accept deposits from the public, create credit, and provide loans, among other financial services.

Lender Of Last Resort

The role typically assumed by a central bank to provide funds to financial institutions in distress, to prevent systemic failures.

Federal Reserve System

The central banking system of the United States, responsible for monetary policy, regulation of banks, and stability of the financial system.

Financial Collapse

Refers to a sudden and severe downturn in the financial stability of an economy, institution, or market, often leading to a crisis.