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Board of Governors: This is who makes the main decisions at
the FED.
FOMC: Federal Open Market Committee
The FED uses a
tight money policy to control inflation.
The # of Federal
District Reserve Banks: 12
The District
where Memphis is located: 8
The members of
the Board of Governors are appointed by the President.
The members of
the Board of Governors are approved by Senate.
All banks are
insured by the FDIC to the amount of 250,000 on each account.
The FED is
responsible for Monetary Policy.
To bring the
country out of a bad of inflation the FED might make policy decisions that will
increase the unemployment rate.
Janet Yellen is
the chairman of the Federal Reserve and serves a 4 year term.
The bank crisis
that caused the information of the FED is known as the Panic of 1907.
Federal Reserve
Notes come in $1, 5, 10, 20, 100 denominations.
An increase in
the fractional reserve requirement would indicate a tight money policy by the
FED.
Members of the
Board of Governors can only serve 1 term.
The money that
banks must keep on hand at all times is known as the Reserve requirement.
SEVEN: The # of
full time members on the FED’s Board of Governors
A new member of
the Board of Governors take office every TWO YEARS
The term of
office for a member of the Board of Governors: 14
There are 12
Federal Reserve Banks throughout the nation.
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