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