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

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.
The fact that stock in the Fed belongs to commercial banks______.
选项 A、doesn’t mean the latter is in control
B、means the latter’is in control
C、means the latter is subjected to the Federal Reserve banks
D、means the Federal Reserve banks orient the latter’s policies
答案A
解析 A项中的in control意味“控制于别人”，此处即the latter(商业银行)控制股票。 A与文中第二段的一句“所有权不意味着控制权”相符，而B项则恰好与之相反。表面上看，C(意味着商业银行从属于联邦储备银行)和D项(意味着储备银行左右着商业银行的政策)是正确的，而且原文中可找到根据，但C，D项与题干毫无逻辑关系。一般说来，物主对属于自己的东西有控制权，而拥有股票的商业银行却不是这样。这是该题的逻辑所在。故选A项。
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