The Federal Reserve, which was established in 1907 was to be a "lender of last resort," loans money to small businesses that are unable to obtain loans through private banks.

Question

Quizplus · Accepted Answer

While the Federal Reserve was established in 1913, its purpose was to serve as the central bank of the United States and to regulate the country's monetary system. While it can provide emergency loans to banks, its primary role is not to directly lend money to small businesses.

The Federal Reserve, Which Was Established in 1907 Was to Be