The FED
This is the common nickname for the Central Bank of the United States
What is the FED
These two evens, occurring in 1893 and 1907, led directly to the passage of the Federal Reserve Act.
What are the 1893 and 1907 financial panics?
This type of currency is declared legal tender by a government but is not backed by a physical commodity like gold.
What is fiat money?
The number of regional locations the Federal Reserve has across the country.
What is 12
This specific date in 1929 marks the stock market crash that started the Great Depression.
What is October 24, 1929?
In 1933, hoarding gold coins or bullion after Roosevelt's executive order became punishable by jail time, a fine up to this amount, or both.
What is $10,000?
One of the four main duties of the Fed, this involves keeping prices stable and ensuring maximum employment.
What is conducting national monetary policy
Created during the Great Depression after over 10,000 banks failed, this organization was made to protect public deposits.
What is the Federal Deposit Insurance Corporation (FDIC)?
These printed notes are authorized by the Federal Reserve Act and serve as the legal tender of the United States.
What are Federal Reserve notes?
While the Fed is independent because its decisions do not need this person's ratification, it is still subject to Congressional oversight.
What is the President
In 1971, this U.S. President announced that the nation would stop converting dollars into gold.
Who is Richard Nixon?
Modern technology transformed banking by replacing older methods with online banking, ATMs, and these newer smartphone tools.
What are mobile payments apps (or smartphone credit card scanners / digital deposit apps)?