Question 10 Which of the following is NOT correct regarding the Federal Reserve? The Bank Borrowing Rate is the overnight lending rate between member banks. The Federal Reserve discount rate is the rate at which member banks can borrow funds from the Federal Reserve to meet reserve requirements The reserve requirement for a member bank of the Federal Reserve is the percent of deposit liabilities that must be held in reserve Open market operation is the process by which the Federal Reserve purchases and sells government securities in the open market