Explain the historical background behind the formation of the Federal Reserve System.

1. What currently backs the money supply in the United States? 2. Explain the historical background behind the formation of the Federal Reserve System. 3. Explain what is the purpose of the FOMC and who are its members. 4. List & explain all the functions of the Federal Reserve . 5. With a reserve ratio of 2/3 & 3/5, explain how the fractional reserve system expands the money supply for an individual bank and the banking system.

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