When the Federal Reserve was formed, state-chartered banks were __________ Fed member banks.

Name: When the Federal Reserve was formed, state-chartered banks were __________ Fed member banks.
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When the Federal Reserve was formed, state-chartered banks were given the option to become Fed member banks. It was not mandatory for them to become a member. Federal Reserve member banks must meet certain criteria and follow regulations set by the Fed, but state-chartered banks have the choice to join or not.

When the Federal Reserve Was Formed, State-Chartered Banks Were __________