Which of the following statements concerning bank regulation in the United States is true?
A) The Office of the Comptroller of the Currency has the primary responsibility for state banks that are members of the Federal Reserve System.
B) The Federal Reserve and the state banking authorities jointly have responsibility for the 900 state banks that are members of the Federal Reserve System.
C) The Office of the Comptroller of the Currency has sole regulatory responsibility over bank holding companies.
D) The state banking authorities have sole regulatory responsibility for all state banks.
Answer: The correct answer is The Federal Reserve and the state banking authorities jointly have responsibility for the 900 state banks that are members of the Federal Reserve System.