Larry is part of the Board of Governors that manages U.S. monetary policy. He has been elected by the President to serve a single 14-year term. In addition to setting the monetary policy, he is responsible for extending banking services to commercial banks. In this scenario, Larry is most likely part of the _____.
A) Federal Reserve
B) Department of Commerce
C) Bureau of Economic Analysis
D) U.S. Treasury

Question

Quizplus · Accepted Answer

Larry is most likely part of the Federal Reserve, as it is the central banking system of the United States responsible for setting monetary policy and providing banking services to commercial banks. Members of the Board of Governors of the Federal Reserve are appointed by the President for 14-year terms.

Larry Is Part of the Board of Governors That Manages