The general directive from the FOMC is carried out by
A)the presidents of the district banks.
B)the presidents of commercial banks that are members of the Federal Reserve System.
C)the account manager at the Federal Reserve Bank of New York.
D)private dealers in the bond market.

Question

Quizplus · Accepted Answer

The account manager at the Federal Reserve Bank of New York is responsible for carrying out the general directive from the FOMC, including implementing monetary policy by buying or selling government securities in the open market. The presidents of the district banks and commercial banks that are members of the Federal Reserve System may participate in discussions and provide input, but they do not directly carry out the FOMC's directives. Private dealers in the bond market may be involved in the open market operations, but they do not carry out the general directive from the FOMC.

The General Directive from the FOMC Is Carried Out by