The Federal Reserve
Terms
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- 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.