复合题

Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D. Mark your answers on the ANSWER SHEET.

Text 1

Federal Reserve System, central banking system of the United States, popularly called the Fed. A central bank serves as the banker to both the banking community and the government; it also issues the national currency conducts monetary policy, and plays a major role in supervision and regulation of banks and bank holding companies. In the U.S. these functions are the responsibilities of key officials of the Federal Reserve System: the Board of Governors located in Washington, D.C, and the top officers of the 12 district Federal Reserve banks, located throughout the nation. The Fed’s actions, described below, generally have a significant effect on the U.S. interest rates and, subsequently, on stock, bond, and other financial markets.

The Federal Reserve’s basic powers are concentrated in the Board of Governors, which is paramount in all policy issues concerning bank regulation and supervision and in most aspects of monetary control. The board enunciates the Fed’s policies on both monetary and balking matters. Because the board is not an operating agency, most of the day- to-day implementation of policies decisions is left to the district Federal Reserve banks, stock in which is owned by the commercial banks that are members of the Federal Reserve System. Ownership in this instance, however, does not imply control; the Board of Governors and the heads of the Reserve banks orient their policies to the public interest rather than to the benefit of the private banking system.

The U.S. banking system’s regulatory apparatus is complex: the authority of the Federal Reserve is shared in some instances for example, in mergers or the examination of banks with other federal agencies such as the Comptroller of the Currency and the Federal Deposit Insurance Cooperation (FDIC). In the critical area of regulating the nation’s money supply in accordance with national economic goals, however, the Federal Reserve is independent within the government. Income and expenditures of the Federal Reserve banks and of the Board of Governors are not subject to the congressional appropriation process; the Federal Reserve is subject to the congressional appropriation process; the Federal Reserve is self-financing. Its income ($20.2 billion in l992) comes mainly from Reserve bank holdings of income-earning securities, primarily those of the U.S. government. Outlays ($1.5 billion in l992) are mostly for operational expenses in providing services to the government and for expenditures connected with regulation and monetary policy. In l992 the Federal Reserve returned $16.8 billion in earnings to the U.S. Treasury. 

单选题 The Fed of the United States _______.
【正确答案】 B
【答案解析】通过第一段前两句对the Fed的描述， 根据常识可知美国the Fed的职能类似于中国人民银行， 故B项正确。 但不等同于中国人民银行， 故A项错误。 文中并没有提到联邦储蓄系统隶属于银行界和政府， C项错误。 D项明显错误， 文中数字是修饰district Federal Reserve banks， 而非the top officers。
单选题 The fact that stock in the Fed belongs to commercial bank _______.
【正确答案】 A
【答案解析】第二段最后一句“Ownership in this instance, however, does not imply control”表明commercial bank虽然对stock有所有权， 但这不意味着有掌控权。 后面一句还对此进行了阐述， 说Reserve banks的领导是以大众利益为政策制定方向， 而非私有银行系统的利益。
单选题 Which of the following statements is NOT true according to the passage?
【正确答案】 B
【答案解析】A， B选项说法矛盾， 根据第三段得出A选项是正确的， 故选B。
单选题 The authority of the Federal Reserve _______.
【正确答案】 A
【答案解析】由第三段“the authority of the Federal Reserve is shared in some instances”可知美联储的权利要与其他实体分享。 A项establishments 公司与instance相同。 故A项正确。
单选题 Income of the Board of Governors _______.
【正确答案】 D
【答案解析】文章最后一段中间部分提到， income and expenditures of the Federal Reserve banks and of the Board of Governors are not subject to the congressional appropriation process， 由此可知管理委员会收入和支出不属于国家拨款程序， 故D项正确。