Which of the following is NOT a function of the Federal Reserve?

The function that is not associated with the Federal Reserve is insuring deposits. The Federal Reserve indeed plays a crucial role in the U.S. economy by conducting monetary policy, which involves managing interest rates and the money supply to achieve economic stability and growth. Additionally, it provides financial services such as processing payments and serving as a bank for the U.S. government and other financial institutions.

In terms of deposit insurance, that responsibility falls to the Federal Deposit Insurance Corporation (FDIC), which was established to protect depositors by insuring deposits at member banks. This function is separate and distinct from the Federal Reserve's core roles. Therefore, recognizing the specific functions assigned to different financial institutions is essential for understanding the broader financial regulatory framework in the United States.