FED - THE FEDERAL RESERVE SYSTEM THE FEDERAL RESERVE SYSTEM...

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THE FEDERAL RESERVE SYSTEM THE FEDERAL RESERVE SYSTEM Unlike most other industrial nations, the United States was without a central bank until 1913. Bank of England, Bank of France, etc. Every few years in the 1880s, 1890s and early 1900s, financial crises developed and eventually receded until, finally, we had the Panic of 1907. During this panic, people rushed to their banks to take out their money and business was severely disrupted. The public demands the government to take steps to prevent this from ever happening again. Congress passed the Federal Reserve Act in 19 (Lender of Resort) The Fed District Banks There are 12 Federal Reserve District Banks, one in each of the nation’s Fed. District. Boston (A), NY (B), Philadelphia (C) The Board of Governors The 7 members of the Board of Governors are nominated by the president, subject to confirmation by the senate. Each is appointed for one 14-year term and is ineligible to serve a 2 nd term. Independence of the Board of Governors
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FED - THE FEDERAL RESERVE SYSTEM THE FEDERAL RESERVE SYSTEM...

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