10 banks and branch banks the Federal Reserve System has private member banks True False 9/10 complete

The Federal Reserve System is the central banking system of the United States, and it consists of 12 regional Federal Reserve Banks. These banks are not private member banks; instead, they are public institutions. The Federal Reserve System was created by the Federal Reserve Act of 1913 to provide the United States with a safer, more flexible, and more stable monetary and financial system.The Federal Reserve Banks are owned by the member banks in their districts, but the Federal Reserve System as a whole is an independent agency of the federal government. The member banks are commercial banks that hold stock in their respective Federal Reserve Banks and receive dividends based on the bank's profits. However, the Federal Reserve Banks are not private institutions, and they do not have private member banks.Therefore, the statement "banks and branch banks the Federal Reserve System has private member banks" is false.