Who has the authority to set interest rates and lending activities for the nation's banks?

Question

Quizplus · Accepted Answer

The Federal Reserve System is responsible for setting interest rates and regulating the lending activities of the nation's banks. This includes setting the federal funds rate, which influences interest rates throughout the economy, and regulating the amount of money that banks must hold in reserve. The Secretary of the Treasury, the Internal Revenue Service, and the Federal Deposit Insurance Corporation do not have the authority to regulate interest rates and lending activities in the same way that the Federal Reserve System does.

Who Has the Authority to Set Interest Rates and Lending