Identify the correct statement about the Fed.
A)When the Federal Reserve System was established,all banks were required to become members.
B)When the Federal Reserve System was established,only federally chartered banks were allowed to join.
C)When the Federal Reserve System was established,only federally chartered banks were required to join.
D)When the Federal Reserve System was established,most banks joined even though none were required to join.
E)When the Federal Reserve System was established,membership was required for all banks in some states,but not in others.

Question

Quizplus · Accepted Answer

When the Federal Reserve System was established in 1913, membership was mandatory for nationally chartered banks, but state-chartered banks could choose whether to join.

Identify the Correct Statement About the Fed