Which of the following is not a function of the Federal Reserve System?
A) to clear checks
B) to supervise member banks
C) to serve as the lender of last resort
D) to handle the sale of U.S.Treasury securities
E) to serve as the government's tax collector

Question

Quizplus · Accepted Answer

The Federal Reserve System does not serve as the government's tax collector. This responsibility falls under the jurisdiction of the Internal Revenue Service (IRS), which is a part of the Department of the Treasury. The other options listed (clearing checks, supervising member banks, serving as the lender of last resort, and handling sale of U.S. Treasury securities) are all functions of the Federal Reserve System.

Which of the Following Is Not a Function of the Federal