Which of the following statements about the Federal Reserve is FALSE?
A) It was created in 1913.
B) It consists of 12 Federal Reserve Banks.
C) It was created to regulate the U.S. money supply.
D) Its chair is chosen by a committee comprised of representatives from the 12 Reserve Banks.
E) It has several mechanisms for managing interest rates and the money supply.

Question

Quizplus · Accepted Answer

The chair of the Federal Reserve is not chosen by a committee comprised of representatives from the 12 Reserve Banks. Instead, the President of the United States nominates a candidate, who is then confirmed by the Senate.

Which of the Following Statements About the Federal Reserve Is