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1、Passage★★★☆☆Questions1to5arebasedonthefollowingpassage.FederalReserveSystem,centralbankingsystemoftheUnitedStates,popularlycalledtheFed.Acentralbankservesasthebankertoboththebankingcommunityandthegovernment;italsoissuesthenationalcurrency,conductsmonetar
2、ypolicy,andplaysamajorroleinthesupervisionandregulationofbanksandbankholdingcompanies.IntheU.S.thesefunctionaretheresponsibilitiesofkeyofficialsoftheFederalReserveSystem:theBoardofGovernors,locatedinWashington,D.C.,andthetopofficersof12districtFederalRes
3、ervebanks,locatedthroughoutthenation.TheFed’sactions,describedbelow,generallyhaveasignificanteffectonU.S.interestratesand,subsequently,onstock,bond,andotherfinancialmarkets.TheFederalReserve’sbasicpowersareconcentratedintheBoardofGovernors,whichisparamou
4、ntinallpolicyissuesconcerningbankregulationandsupervisionandinmostaspectsofmonetarycontrol.TheboardenunciatestheFed’spoliciesonbothmonetaryandbankingmatter.Becausetheboardisnotanoperatingagency,mostoftheday-todayimplementationofpolicydecisionsislefttothe
5、districtFederalReservebanks,stockinwhichisownedbythecommercialbanksthataremembersoftheFederalReserveSystem.Ownershipinthisinstance,however,doesnotimplycontrol;theBoardofGovernorsandtheheadsoftheReservebanksorienttheirpoliciestothepublicinterestratherthan
6、tothebenefitoftheprivatebankingsystem.TheU.S.bankingsystem’sregulatoryapparatusiscomplex;theauthorityoftheFederalReserveissharedinsomeinstancesforexample,inmergersortheexaminationofbankswithotherFederalDepositInsuranceCorporation(FDIC).Inthecriticalareao
7、fregulatingthenation’smoneysupplyinaccordancewithnationaleconomicgoals,however,theFederalReserveisindependentwithinthegovernment,IncomeandexpendituresoftheFederalReservebanksandoftheboardofgovernorsarenotsubjecttothecongressionalappropriationprocess;theF
8、ederalReserveisself-financing.Itsincome($20.2billionin1992)comesmainlyfromReservebankholdingsofincome-earningsecurities,primarilythoseoftheU.S.government.Outlays($1.5billionin1992)aremostlyforoperationalexpensesinproviding
