The National Bank Act of 1863,and subsequent amendments to it
A)created a banking system of state-chartered banks.
B)established the Office of the Comptroller of the Currency.
C)broadened the regulatory powers of the Federal Reserve.
D)created insurance on deposit accounts.

Question

Quizplus · Accepted Answer

The National Bank Act of 1863 established the Office of the Comptroller of the Currency, which regulates and supervises all national banks. Subsequent amendments to the act further expanded the agency's powers and responsibilities. The other choices are incorrect because the act created a system of federally chartered banks, not state-chartered banks; did not establish the Federal Reserve (it was created in 1913); and did not create insurance on deposit accounts (that came with the FDIC in 1933).

The National Bank Act of 1863,and Subsequent Amendments to It