Federal Reserve Bank Quiz

There are 12 District Banks.

California belongs to the San Francisco District Bank because San Francisco is a major city in California and is also the headquarters of the 12th District of the Federal Reserve System, which covers the western part of the United States, including California. The San Francisco District Bank is responsible for implementing monetary policy, supervising and regulating banks, and providing financial services to banks and the public in its district.

The Chairman and Vice Chairman are appointed by the President and their appointments are approved by the Senate. This means that the President has the authority to select individuals for these positions, but their appointments must be confirmed by the Senate. This ensures a system of checks and balances, as the President cannot unilaterally appoint individuals to these important positions without the approval of the Senate.

New Orleans is not a location of a District Bank. This is because the District Banks in the United States are part of the Federal Reserve System, which is divided into twelve districts. Each district has a main office and several branch offices, but there is no District Bank located in New Orleans. Therefore, New Orleans does not fit the criteria of being a location of a District Bank.

The full term of a Federal Bank Board member is 14 years.

The correct answer is 1913; The Panic of 1907. The Federal Reserve Bank was established in 1913 in response to the financial crisis known as the Panic of 1907. This crisis highlighted the need for a central banking system in the United States to stabilize the economy, regulate the banking industry, and prevent future financial panics. The Federal Reserve Act was passed in 1913, creating the Federal Reserve System and granting it the authority to issue currency, set interest rates, and act as a lender of last resort to banks in times of financial stress.