15 After covering expenses and paying dividends on outstandi

15. After covering expenses and paying dividends on outstanding stock, the annual earnings of the Federal Reserve are (a) distributed to member commercial banks (b) given to the US Treasury (c) invested in US Government securities (d) put into the FDIC\'s deposit insurance fund.

16, The President of the Federal Reserve Bank of New York (a) is appointed by the President of the US with the consent of the Senate (b) serves a 14 year term as a Reserve Bank president (c) is a permanent voting member of the FOMC (d) all of the above

Solution

15 given to us treasury. It is law that such revenue is to be deposited to treasury

16 again under rules president is appointed by president of USA with consent of Senate (according to banking act of1935)