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Q1: What state has TWO Federal Reserve banks – and Why?
A: Missouri, due to a combination of economics and politics. There is still some disagreement over the importance of each factor. RBOC surveys found strong support for Kansas City and St. Louis among bankers. The two cities were large markets and transportation centers with existing correspondent banking relationships. On the political side, Missouri Senator James Reed, who was key to getting the Federal Reserve Act out of committee, and Oklahoma Senator Robert Owen both wanted a Federal Reserve bank in Kansas City, and the Speaker of the House was from Missouri as well. Given the economic realities of the time, Kansas City and St. Louis made sense, but the political optics are hard to ignore.
Q2: What progressive reformer introduced a bill to set up a system of bank deposit insurance in the 1890’s?
A: William Jennings Bryan
Q3: What Federal Reserve lending facility was named after a street in downtown Manhattan?
A: Maiden Lane
Extra Credit: What 14th century pundit made the revolutionary argument that money belonged to the community, not the monarch?
A: Nicholas Oresme
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