Question 3 (2.5 points) Of the following, which is not true? 1) Each district Federal Reserve bank is owned by commercial banks in its district. O Before the first central bank of the US, there were countries in Europe that had central banks. 3) The Federal Reserve part of the US Treasury Department. 4) MBS stands for mortgage backed security. 2) 419 5 points

Question 3 ( 2.5 points) Of the following, which is not true? 1) Each district Federal Reserve bank is owned by commercial banks in its district. 2) Before the first central bank of the US, there were countries in Europe tha had central banks. 3) The Federal Reserve is part of the US Treasury Department. 4) MBS stands for mortgage backed security