Chapter 3 central banks and the federa federal

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Unformatted text preview: al Reserve Banks Member banks elect six directors for each district; three more are appointed by the Board of Governors (cont'd) Designed to reect all constituencies of the public Nine directors appoint the president of the bank subject to approval by Board of Governors Eco 029 What is Money? (Chapter 3) Central Banks and the Federa Functions of the Federal Reserve Banks Clear checks Issue new currency Withdraw damaged currency from circulation Administer and make discount loans to banks in their districts Evaluate proposed mergers and applications for banks to expand their activities Eco 029 What is Money? (Chapter 3) Central Banks and the Federa Functions of the Fed Act as liaisons between the business community and the Federal Reserve System Examine bank holding companies and state-chartered member banks Collect data on local business conditions Use stas of professional economists to research topics related to the conduct of monetary policy Eco 029 What is Money? (Chapter 3) Central Banks and the Federa The Fed and Mone...
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This document was uploaded on 04/03/2014 for the course ECON 029 at Lehigh University .

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