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

Question

Quizplus · Accepted Answer

When the Federal Reserve was formed, federally-chartered banks were required to become Fed member banks. This was part of the framework of the Federal Reserve Act, which aimed to create a centralized banking system and stabilize the US economy. State-chartered banks had the option to become Fed members, but many chose not to until the Great Depression.

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