The Federal Reserve System Was NOT

question 287

Multiple Choice

The Federal Reserve System was NOT

• A)established with the 1913 passage of the Federal Reserve Act.
• B)the first attempt to have a United States central bank.
• C)intended to act as a "lender of last resort."
• D)designed to lend money to inherently sound banks so that they can survive financial panics.

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Definitions:

Secondary Liability

Legal responsibility that arises from helping, enabling, or indirectly contributing to the infringement or wrongdoing by another.

Presentment

The act of formally presenting a financial document, such as a check or draft, for acceptance or payment.

Discharge

The release from a legal obligation, such as the fulfillment of a debt or contractual requirement.

Individual

A single human being distinct from a group, class, or family.