Consider the following statements regarding Federal Reserve of USA 1 In US Federal Reserve ove...........

Economic Affairs Balance of Payments

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Consider the following statements regarding Federal Reserve of USA:

1. In US, Federal Reserve oversees monetary policy.

2. This reserve was established in 1913 by the Federal Reserve Act.

Which of the statement(s) given above is/are correct?

1 only

2 only

Both 1 and 2

None

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Explanation:

In US, Federal Reserve is in charge of monetary policy i.e. used to control inflation or infuse growth in the economy.
This reserve was established in 1913 by the Federal Reserve Act.
Federal Reserve system consist of 12 major private institutions which are accountable to the US congress through Federal Reserve Board of Governors.