The Federal Reserve
A)is part of the executive branch of government.
B)is only responsible for controlling the money supply.
C)is the central bank of Canada.
D)was created in 1913.

Question

Quizplus · Accepted Answer

The Federal Reserve, often referred to as the Fed, is the central banking system of the United States and was established in 1913 with the enactment of the Federal Reserve Act. It is not part of the executive branch, is not solely responsible for controlling the money supply (it has other functions such as supervising and regulating banks), and it is not the central bank of Canada (that would be the Bank of Canada).