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Unformatted text preview: other deposits, other Fed liabilities, or deferred availability cash items. How can raising taxes be an asset to the public? It's not; taxes due are a liability for the general public. Paying the taxes you owe eliminates that liability. Organization 1. District Banks 2. Board of Governors (chairman is Alan Greenspan) 3. Federal Open Market Committee Functions The Federal Reserve serves as this country's central bank: 1. issues paper currency 2. controls money supply 3. acts as the bankers' bank o accepts deposits from banks and makes loans to banks o clears checks by transferring funds between banks 4. supervises and inspects commercial banks 5. acts as the federal government's bank o handles the sale and repayment of government bonds o buys and sells foreign currency...
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- Fall '09
- Personal Finance