Final answer:
The Federal Reserve oversees tasks like clearing checks and serving as a banker to the government but does not insure deposits for up to [tex]$250,000.
Explanation:
The Federal Reserve, as the central bank of the United States, carries out various functions including clearing checks, serving as a banker to the government, and holding reserve funds. However, it does not insure deposits for up to $[/tex]250,000. This task falls under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC).
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