Which of the following was a rationale offered for passing the Federal Reserve Act of 1913? I. The need to protect banks from insolvency by creating a "lender of last resort" II. The need for the U.S. to achieve dominance in the global banking community III. The need for an "elastic currency" to allow the money supply to expand and contract Question 2Answer a. I only b. I and II only c. I and III only d. I, II, and