Question

46. Following the reorganization of the Fed during the Great Depression:

a. the Treasury Secretary was no longer a member of the Board of Governors.

b. the Comptroller of the Currency was no longer a member of the Board of Governors.

c. The FOMC was created to conduct open market operations.

d. All of the above.

e. Only A and B of the above.

Answer 1

Correct option d. All of the above

The treasury secretary and the comptroller of the currency who was serving as a member of the federal reserve board ceased to serve after 1936. The board of governors became independent from the executive branch of federal government.
Banking act of 1935 created the FOMC's modern structure. It consists of seven members as board of governor and the president of federal reserve Bank of New York who can vote.

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