Which of the following statements is incorrect?

a. The Federal Reserve Open Market Committee determines fiscal policy actions for the Congress.
b. The Board of Governors of the Federal Reserve is appointed, not elected.
c. The Federal Reserve System was designed to be independent of the executive branch of the government.
d. The chairman of the Board of Governors serves a four-year term.
e. The Federal Reserve districts are distributed geographically to serve the particular interests of each region.

a

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Answer the following statement true (T) or false (F)

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