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The main difference between the duties of a bank audit department and the duties of a Federal Reserve Bank examination team is: The duties of a bank audit department cannot audit the ederal Reserve Bank examination team but the duties of a Federal Reserve Bank examination team can audit the bank audit department.

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11y ago

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What can the Federal Reserve NOT do?

The Federal Reserve cannot mint coins or print currency, which are functions of the Treasury Department. The Treasury Department is administered by the Secretary of the Treasury, whom is appointed by the President.


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The main difference between a typical regulatory agency like the State Department and an independent agency like the Federal Reserve is the degree of control the president has over them. The State Department operates under the direct authority of the president, who can influence its policies and personnel decisions. In contrast, the Federal Reserve operates independently, with its leadership appointed by the president but not subject to direct presidential control, allowing it to make decisions based on economic conditions rather than political pressures. This independence is designed to ensure stability and credibility in monetary policy.


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Who or what group of individuals formed the Federal Reserve


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