Question

You have an account with Bank of America®. What is your bank’s role in the Federal Reserve?

Non-member Depository Institution

Federal Open Market Committee

Federal Reserve Regional Bank

Member Bank

Answer 1

You have an account with Wells Fargo®. You cashed a check from your job on payday and requested newly minted currency. What Federal Reserve structure provides new currency to your bank?

Federal Open Market Committee

Federal Reserve Regional Bank

Board of Governors

Member Bank

If Wachovia® needed to borrow money, the bank manager would contact the

Federal Open Market Committee.

Federal Reserve Regional Bank.

Board of Governors.

Member Bank.