the USA for Monetary Policy. 17. The 12 Regional Federal Reserve District Banks: a. Are owned by the FED (Federal Reserve Bank), so that the FED receives dividends from each District Bank's operations each year. b. Are owned by the US Treasury, and therefore receives dividends from cach bank each year when there are profits. c. Are owned by Federal Reserve FOMC, by investing up to 3% of their surplus into the system, for which the FOMC pays annual dividends. d. Are mutually owned by the membership banks within their District, and therefore appoint three members to the District Bank's Board of Directors, but have minimal influence over the operation of the District Bank. 18. The 12 Regional Federal Reserve District Banks: a. Each have a Board of Directors of twelve members selected from among active members of the District's community b. Each have a Board of Directors of six members with three appointed by Congress and three from member banks in the District. c. Each have a Board of Directors of nine members, with six elected from among the bank members within the District, but may include three elected from active business leaders from within the District, and three appointed by the BOG of the FED. d. Each have a Board of Directors selected and appointed for twelve years by the Senate of the USA Congress. 19. The 12 Regional Federal Reserve District Banks: a. Have the authority to set their own discount rate at a level and within a range approved by the FOMC. b. Have the authority to set their own discount rate at a level and within a range approved by the FED BOG (Board of Governors). c. Have the authority to set their own discount rate at a level and within a range approved by the US Treasurer. d. Implement the one and only Discount Rate set by the FED BOG - there is only one discount rate. 20. Which of the following is NOT a true statement concerning the 12 Regional Federal Reserve District Banks (FRDB): a. Each FRDB sends two members of their research team to the FOMC meetings to represent and explain the interest of the District; these twenty- four members comprise the FAC (Federal Advisory Committee). b. All twelve of the FRDB Presidents sit as voting members on the FOMC. c. Although all twelve FRDB President may attend, participate and/or speak at the FOMC meetings, only five of these Presidents may vote. d. The semi-independence of the individual twelve District Banks allows for a desentralized operation to enable local responses to district issues