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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Identify the major responsibilities of the Federal Reserve System.

To determine

The major responsibilities of Fed.

Explanation

The main responsibility of Fed is to control the money supply in the economy through the execution of the monetary policy. The Fed also performs the following functions. It controls the money supply in the economy, issues currency, provides check clearing services, holds depository reserves, supervises member banks, acts as Government’s bank, acts as lender of last resort to other banks, and conducts auction on the Government securities.

Concept

Fed: Fed is the central bank of the US. Its full form is the Federal Reserve Bank. They control the economy through their monetary policies.

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