Small-denominated time deposits, by definition are held by state and local banks only. mature in one year or less. are less than $100,000. mature in one month or less. (a) Other than its major role of controlling money supply, carefully discuss four (4) major functions of the Federal Reserve System in the United States. Provide a detailed explanation on how each function is performed. (b) Discuss how the Federal Reserve might fight an economic recession in the United States. In your discussion, indicate the monetary policy tools to be used, how each tool would be used, and how the Fed's actions (utilized tools) would affect specific key economic factors to achieve the ultimate goals