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31.No two Governors may be from the same Federal Reserve District.

 

32.Reserve requirements apply only to member banks in Federal Reserve System.

 

33.The Chairman of the Fed is highly visible, but not very powerful.

 

34.All national banks must join the Federal Reserve System.

 

35.Margin requirements are an important regulatory power of the Fed.

 

36.Excess reserves cost a depository institution nothing to maintain.

 

37.The monetary base comprises currency in circulation and checks not yet cleared.

 

38. The major asset of the Federal Reserve is the U.S. Treasury securities, and the major                             liability is currency outside banks.

 

39. The seven members of the Board of Governors of the Federal Reserve System serve 14                             year nonrenewable terms. Each Board member is appointed by the President and                                                         confirmed by the Senate.

 

40. The current chair of Federal Reserve is Joe Biden.

 

 

 

41.  If the FOMC wished to slow down economic growth and lower down the price level, they                                           could issue a policy directive to the Federal Reserve Board Trading desk to purchase U.S.                                           government securities.

 

 

 

 

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