The Federal Reserve System consists of 12 regional Federal Reserve Banks.

The Federal Reserve System consists of 12 regional Federal Reserve Banks. Each bank is sponsored and wholly owned by private commercial banks, who own all of the Bank’s stock and receive stock dividends. Nonetheless, Mishkin describes the Federal Reserve Banks as “quasi-public” institutions.

(a) Explain what aspects of the Federal Reserve System allow Mishkin to consider the Federal Reserve Banks semi-public entities.

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