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Federal Reserve System, central banking system of the United States, popularly called the Fed. A central bank serves as the bank

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问题     Federal Reserve System, central banking system of the United States, popularly called the Fed. A central bank serves as the banker to both the banking community and the government; it also issues the national currency, conducts monetary policy, and plays a major role in supervision and regulation of banks and bank holding companies. In the U.S. these functions are the responsibilities of key officials of the Federal Reserve System: the Board of Governors located in Washington, D. C, and the top officers of the 12 district Federal Reserve banks, located throughout the nation. The Fed’s actions, described below, generally have a significant effect on the U.S. interest rates and, subsequently, on stock, bond, and other financial markets.
    The Federal Reserve’s basic powers are concentrated in the Board of Governors, which is paramount in all policy issues concerning bank regulation and supervision and in most aspects of monetary control. The board enunciates the Fed’s policies on both monetary and banking matters. Because the board is not an operating agency, most of the day-to-day implementation of policies decisions is left to the district Federal Reserve banks, stock in which is owned by the commercial banks that are members of the Federal Reserve System. Ownership in this instance, however, does not imply control; the Board of Governors and the heads of the Reserve banks orient their policies to the public interest rather than to the benefit of the private banking system.
    The U.S. banking system’s regulatory apparatus is complex; the authority of the Federal Reserve is shared in some instances for example, in mergers or the examination of banks with other federal agencies such as the Comptroller of the Currency and the Federal Deposit Insurance Cooperation(FDIC). In the critical area of regulating the nation’s money supply in accordance with national economic goals, however, the Federal Reserve is independent within the government. Income and expenditures of the Federal Reserve banks and of the Board of Governors are not subject to the congressional appropriation process; the Federal Reserve is subject to the congressional appropriation process; the Federal Reserve is self-financing. Its income($20.2 billion in 1992)comes mainly from Reserve bank holdings of income-earning securities, primarily those of the U.S. government. Outlays($1.5 billion in 1992)are mostly for operational expenses in providing services to the government and for expenditures connected with regulation and monetary policy. In 1992 the Federal Reserve returned $16.8 billion in earnings to the U.S. Treasury.
Which of the following statements is NOT true according to the passage?
选项 A、The Fed is a very big, complex and significant system which comprises many local banks.
B、All the commercial banks are not the components of Federal Reserve System.
C、Board of Governors is the supreme policy-makers of Federal Reserve System.
D、District Reserve banks rather than Board of Governors perform the day to day policies.
答案C
解析 A．美国联邦储备银行是一庞大的、复杂的和重要的银行系统，有许多地方银行。文章开头提到了“12 district Federal Reserve banks”，第三段首句提到了它的复杂性。B．不是所有的商业银行都是联邦储备银行的成员。第三段中间的定语从句“that are members of theFederal Reserve System”说明还有联邦储备银行之外的商业银行。D．实施日常政策的是地方储备银行，而不是Board of Governors。与文中的“Because the board is not an operatingagency,…left to the district Federal Reserve banks”相符。只有C．Board of Governors是美国制订政策的最高权力者，这与文章第二段首句内容不符，故C为答案。
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