The Feds Main Policy Tools

Choose the statement about the Fed that is incorrect.

		There are 12 Federal Reserve banks and 12 Federal Reserve districts.
		The Board of Governors has seven members, who each serve a 14-year term.
		The main policy-making committee of the Federal Reserve System is the Federal Open Market Committee.
		The Federal Reserve Bank of Chicago occupies a special place in the Federal Reserve System because it implements some of the Fed's most important policy decisions.