9. (Federal Reserve System) What are the main powers and responsibilities of the Federal Reserve System? The Federal Reserve has powers that include: clearing checks from the reserve system it is the bank for bankers (lends money to member banks) Buy/Sell U.S. treasury securities. Sets reserve requirements for member banks (how much they must keep and deposit) Sole entity with authority to issue money in the U.S. -> What are its two mandates and some of its other goals