Which of the following steps comes first in the federal funds market?Which statement regarding the Federal Reserve is true? Private banks hold their reserves at regional Federal Reserve branches. There is little the Fed can do to prevent a run from occurring. The chairman of the Fed serves for a term of 14 years. There are eight regional Federal Reserve banks. At the end of the day, deposits and withdrawals are tallied to determine the reserve level of banks. The Fed sets a reserve requirement for banks. Banks that fall short of their required reserves may choose to borrow money from Fed member banks. Banks with excess reserves may decide they can earn more interest by loaning money for one night to banks who cannot meet the reserve