The Federal Reserve Bank always had the legal authority and the ultimate power as the chief regulator of banks to stop all of the crazy sub-prime mortgage lending that occurred between 2002 and 2008 from banks like Countrywide and Washington Mutual. But they did nothing to stop it. This will probably go down in economic history as an example of a monetary policy failure. Multiple Choice O Only the U.S. Congress had the authority to order banks to halt sub-prime lending. Only the Senate Banking Committee and the House Financial Oversight Committee acting together could have brought this proposal to the U.S. Congress. Only the U.S. Congress can change bank lending practices. O Only the FDIC and the Office of Thrift Supervision regulatory agencies could have stopped all commercial banks from doing sub-prime mortgage loans. Only these two agencies working together could have stopped sub-prime mortgage lending. This is false. The Fed didn't have the power or authority to stop banks from doing this kind of lending. O This is true. As the chief regulator of banks the Fed always had to power to stop or change the reckless lending practices of banks during the time of 2002 to 2008