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Unformatted text preview: would be a regulator of the system & a regulator of the money supply. 1970s: FRB (Federal Reserve Bank) CC ( State FDIC FSLIC NCUA Three Sub parts: Com – business S+L – Housing, mortgages, etc. Credit Unions – small institutions that made small loans. FRB (Federal reserved) – established in 1913. involves several parts-first part is elected board of governors-is an independent entity. Federal Open Market Committee (FOMC) – policy body of the federal reserve Federal Advisory Committee (FAC) – Under FRB include *real banks* starting at Boston and ending at san Francisco and then the under these are commercial banks. What the FRB does? -Regulate banking system-Monetary Policy-Fiscal Agent for the federal government. -Clearing House – entity that makes sure a check/bank is honored. -Educational Role – publish magazines, etc....
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This note was uploaded on 04/07/2008 for the course ECO 210 taught by Professor Sun during the Winter '08 term at Grand Valley State.
- Winter '08