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12 Cards in this Set

  • Front
  • Back
Banks that are chartered by the state and are members of the Federal Reserve System are called what?
State member banks.
What do we call the 12 regional banks under the supervision of the Board of Governors of the Federal Reserve System?
Federal Reserve Banks.
The 7 people headquartered in Washington, D.C. who oversee the Federal Reserve System.
The Board of Governors (of the Fed).
What does FOMC stand for?
Federal Open Market Commission.
Who belongs to the Federal Open Market Commission?
The 7 members of the Board of Governors and the 12 presidents of the Federal Reserve Banks (but only 5 of them get to vote).
What is the payment system?
The set of procedures for the transfer of funds from one financial institution to another.
What is an institution that owns one or more banks called?
A bank holding company.
What do we call the plan to manage the amount of money and credit in the country?
Monetary policy.
What is a discount rate?
The interest rate paid by member banks when they borrow from the Fed.
What are open market operations?
The buying and selling of government securities by the Fed.
What is the name of the central bank of the U.S.?
The Federal Reserve System (aka the Fed).
What are reserve requirements?
Rules that make banks set aside a certain % of their deposits that can't be used for loans or investments.