The following is not one the responsibilities of the federal reserve: D. Establishing the federal budget
Further explanation
The Fed is the most important economic player in the world. The Fed controls the money supply and credit conditions in the United States.The Fed in turn has a major impact on the global economy.
On December 23, 1913, the Federal Reserve System was created by an Act of Congress. The System consists of 7 member Board of Governors with headquarters in Washington, D.C., and 12 Reserve Banks located throughout the United States.
The responsibilities of the Federal Reserve include influencing the supply of money and credit; regulating and supervising financial institutions; serving as a banking and fiscal agent for the United States government; and supplying payments services to the public through depository institutions like banks, credit unions, and savings and loans. Payments services include issuing, transferring and redeeming U.S. government securities, processing and clearing checks, and transferring funds.
The Federal Reserve also performs general functions: conducting the nation's monetary policy, regulating banking institutions, monitoring and protecting the credit rights of consumers, maintaining the stability of the financial system, and providing financial services to the U.S. government.
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Answer details
Grade: 9
Subject: SAT
Chapter: the federal reserve
Keywords: the federal reserve
