Which statement is true?

A) The Federal Reserve has an excellent record as a "lender of last resort."
B) There is little debate about whether or not the Federal Reserve Board should be independent.
C) The power of the Federal Reserve is centered largely in its Board of Governors.
D) The stockholders in the Federal Reserve receive large profits.

The power of the Federal Reserve is centered largely in its Board of Governors, which is responsible for making key decisions about monetary policy, regulation, and supervision of the banking industry. The Federal Reserve Act established the Board of Governors as the main governing body of the Fed, and gave it a wide range of powers and responsibilities to help manage the U.S. economy. While the 12 regional Federal Reserve Banks also play an important role in carrying out Fed policies and operations, ultimate power rests with the Board of Governors.

A) is false, as the Federal Reserve's performance as a lender of last resort has been subject to some criticism and controversy over the years, particularly during financial crises.
B) is false, as there is ongoing debate among economists and policymakers about the appropriate level of independence for the Fed, with some arguing for greater political oversight and others advocating for more autonomy.
D) is false, as the Federal Reserve is a non-profit institution and any profits it generates are returned to the U.S. Treasury or used to fund its own operations. The Federal Reserve System is not owned by any private individuals or corporations, and no stock is sold or traded on any financial market.