1. Who is Jerome Powell? Jerome Powell is A. the former Secretary of the Treasury B. an economist with no prior Fed experience C. the first Fed chairman in more than 40 years who is not a formal economist D. the first former investment banker to become chair of the Federal Reserve 2. What is the Federal Reserve and what is its role in the U.S. economy? The Federal Reserve is The role of the Federal Reserve is to A. the U.S. central bank; create liquidity, pool risk, lower the cost of borrowing, and the lower the cost of monitoring borrowers B. a commercial bank; provide services such as check clearing and account management to firms C. a department of the federal government; act as a bank's bank and a public authority that regulates the nation's depository institutions and conducts monetary policy D. the U.S. central bank; act as a bank's bank and a public authority that regulates the nation's depository institutions and conducts monetary policy 3. Describe the balance sheet of the Fed The main assets of the Fed are and the liabilities of the Fed are A. loans to depository