Term
| What is the central bank of the US |
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Definition
| The Federal Reserve System. aka the banker's bank. |
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Term
| What does the Federal Reserve do? |
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Definition
| 1. serves as the banker and fiscal (financial) agent for the federal government. 2. supervies and regulates financial institutions. 3. Conducts monetary policy. (holds cash reserves, processes checks and provides electronic payments for commerical banks and other depository institutions. |
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Term
| What is the oldest central bank |
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Definition
| Sweden's Riksbank - founded 1668 |
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Term
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Definition
| actions taken by a central bank to influence the availability and cost of money and credit to help promote national economic goals |
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Term
| What is an important source of liquidity when a bak experiences unexpected and widespread withdrawals? |
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Definition
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Term
| What agency proposed an institution that prevent and contain financial disruptions? What started it? When? |
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Definition
| National Monetary Commission. Congress. 1907 |
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Term
| When was the Federal Reserve System started? |
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Definition
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Term
| What other legislation has been enacted to effect national economic and financial policy? |
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Definition
| Employment Act of 1946. Federal Reserve Reform Act of 1977, Full Employment and Balanced Growth Act of 1978 (Humphrey-Hawkins Act) |
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Term
| Who owns the Federal Reserve? |
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Definition
| not owned by anyone and is not a private, profit-making insitution. Independent entity with both publc and private purposes. |
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Term
| From who does the Federal Reserve derive its authority? |
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Definition
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Term
| Why considered indipendent |
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Definition
| because its decisions do not have to be ratified by anyone in the executive or legislative branch |
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Term
| What are the three basic functions of money? |
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Definition
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