When We Say the U

When we say the U.S. has a dual banking system, we mean that:

A) both the federal and state governments have the right to charter banks.
B) all state banks are regulated by the Federal Reserve and the Federal Deposit Insurance Corporation.
C) all national banks are regulated by the Federal Reserve and the Federal Deposit Insurance Corporation.
D) commercial banks and savings institutions can perform nearly identical functions since the Monetary Control Act of 1980.