Explain the rationale behind having twelve Federal Reserve Banks scattered around the country.
What will be an ideal response?
In writing the Federal Reserve Act, Congress worried that the Fed would have too much power in the hands of just a few policymakers. So Congress gave substantial power to separate Reserve Banks around the country, in the hope of diffusing power. Once the number of Reserve Banks was determined, Congress fought over where they would be, so the locations of the Reserve Banks are primarily a reflection of the political power of influential senators and house members in 1913.
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