Which of the following is true of the Federal Reserve System?
A)It is one central bank located in Washington,DC.
B)It was created just before World War II.
C)All Federal Reserve banks are required to also become state banks.
D)With the formation of the Fed,the power to issue bank notes was taken away from national banks and turned over to the state banks.
E)It was notably unsuccessful in averting the Great Depression.

Question

Quizplus · Accepted Answer

The Federal Reserve System, established in 1913, was indeed unable to prevent the Great Depression, which began in 1929 and lasted through much of the 1930s. This period highlighted significant weaknesses in the financial system and the economy, leading to reforms and changes in the Federal Reserve's policies and functions over time.

Which of the Following Is True of the Federal Reserve