Which of the Following Is Not True with Respect to the Federal

Multiple Choice

Which of the following is not true with respect to the Federal Reserve Act of 1913?

A) It established reserve requirements for member commercial banks.
B) It specified 14 districts across the United States as well as a city in each district where a Federal Reserve district bank was to be established.
C) Congress was motivated to pass the act and establish a central bank because the United States had experienced several banking panics in the preceding years.
D) All of the above are true.