36. The Federal Reserve System

c. regulates only national banks.
e. None of these answers is correct.

I am confused between my last two choices.

To determine the correct answer between the last two choices, let's evaluate each option.

c. Regulates only national banks: This option implies that the Federal Reserve System is responsible for regulating only national banks. However, this is not accurate. The Federal Reserve System has a broader scope of responsibility beyond just national banks.

e. None of these answers is correct: This option suggests that neither of the previous choices is accurate. While it is possible for this to be the correct answer, let's consider other possibilities as well.

To find the correct answer, we can eliminate the choices that we know are incorrect. Since option c is incorrect, the only option remaining is e. None of these answers are correct.

Therefore, the correct answer is "e. None of these answers is correct." The Federal Reserve System does not solely regulate national banks. It also has oversight and regulatory authority over the entire banking system in the United States, including state-chartered banks, bank holding companies, and credit unions.