Under the authority of the Federal Reserve Act of 1913:
A. all national and state-chartered banks must become members of the Fed
B. only national banks were permitted to become members of the Fed
C. state-chartered banks were permitted to withdraw from membership with the Fed
D. a system of deposit insurance was created
Answer:C
Under the authority of the Federal Reserve Act of 1913:
A. all national and state-chartered banks must become members of the Fed B. only national banks were permitted to become members of the Fed C. state-chartered banks were permitted to withdraw from membership with the Fed D. a system of deposit insurance was created