Statement I: The Check Clearing for the 21^st Century Act passed by Congress in 2004 with the intent to hasten the adoption of electronic check processing.
Statement II: The Fed performed its lender of last resort duty during the last major emergency after the terrorist attacks of 9/11 by lending over $45 billion to banks and thus avoiding a financial panic.

Question

Quizplus · Accepted Answer

Statement I is true, as the Check Clearing for the 21st Century Act did aim to speed up the adoption of electronic check processing. Statement II is also true, as the Fed did perform its lender of last resort duty during the aftermath of 9/11 by lending over $45 billion to banks, which helped prevent a financial panic.

Statement I: the Check Clearing for the 21st Century Act

Statement I: the Check Clearing for the 21^st Century Act