Although a Corporation That Is Owned by Its Member Banks

question 53

Multiple Choice

Although a corporation that is owned by its member banks, the Federal Reserve System

• A)reports directly to the president in an annual report.
• B)is quite independent of them, and they receive almost none of the Fed's profits.
• C)is administered by Congress and all its profits are distributed to the member banks.
• D)turns all its profits over to the state governments of each district bank.

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Definitions:

Estate Assets

Assets that belong to a deceased person's estate, including all property and financial accounts, which are managed and distributed according to a will or law.

Sacred Church

A religious institution or place of worship considered holy or divine by its followers.