The purpose of establishing the Federal Reserve System was to

A) provide a lender of last resort.
B) regulate commercial banking.
C) provide for a more elastic currency.
D) increase confidence in the nation's banks.
E) All of the choices are correct.

All of the choices listed were purposes of establishing the Federal Reserve System. The Federal Reserve serves as a lender of last resort for banks in times of crisis, regulates and supervises commercial banks, has the ability to adjust the money supply to provide a more elastic currency, and helps maintain confidence in the stability of the banking system.