Respond to the following either agreeing or disagreeing or adding to

The federal reserve is the gatekeeper for member banks across the United States. The Federal Reserve, since the est. of the 1913 Federal reserve act, has been I control of setting monetary policy. The reserve requirement is the amount of funds a bank must have on deposit each night. This figure is a percentage of the institutions deposits. The institution can keep the deposits in their vaults or on deposit with their local Federal Reserve bank. The reserve requirement is the basis for the other monetary policy tools; open market operations and the discount rate. These three categories are inter-dependent and together set the supply of and demand for balances of depository institutions. The normal day by day volume of checks has likewise been falling reliably thus has the normal day by day estimation of checks. The information presented within my research graph shows that the normal technique for installments handled isn't through check any longer. With new techniques for installment emerging continually, there is little use for checks, making a more modest requirement for bank offices.