Which of the following is responsible for invoking the Fed's emergency powers?

Question

Quizplus · Accepted Answer

The Board of Governors is responsible for invoking the Fed's emergency powers under Section 13(3) of the Federal Reserve Act. This section allows the Fed to extend credit to nonbank institutions during times of financial crisis to prevent systemic risk. The Board of Governors must determine that "unusual and exigent circumstances" exist to justify the use of emergency powers, and the approval of a majority of the Board members is required.

Which of the Following Is Responsible for Invoking the Fed's