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M ember banks all commercial banks chartered member

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Unformatted text preview: 3. M ember banks; All commercial banks chartered Member by OCC are members. Many state charted banks are also members. M any 4. Federal Open Market Committee (FOMC) Federal a. The policy making body a. b. V oting m Voting embers: Board of Governors and 5 presidents from the 12 banks (12). President of NY Fed is always a member. Fed Dr. David P. Echevarria All Rights Reserved 4 GOALS OF MONETARY GOALS POLICY POLICY A. Stable prices A. 1. Inflation measures: Consumer Price Index Inflation (CPI) (CPI) 2. Inflation drives values of financial assets Inflation financial down, real assets up. real B. Full employment 1. Supply of credit and capital (currency) C. Funding economic growth 1. Assure financial market stability 2. Liquidity supplier of last resort (Bear Stearns, others) Dr. David P. Echevarria All Rights Reserved 5 GOALS OF MONETARY GOALS POLICY POLICY D. Supervisory powers over member banks 1. 2. 3. Auditing and Compliance Chartering and Capital Requirements Reserve Requirem ents (1980: DIDMCA) Type of liability Percent of Liabilities Net transaction accounts (7-days) Effective date $0 to $10....
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