Bank Stuff
created a uniform national currency and a system of national banks
Office of the Comptroller of the Currency
is the organization that oversees a nation's monetary system.
Central Bank
created the Office of the Comptroller currency in 1863
National Currency Act
period of time from 1837 to 1863. All bank functions were handled by state banks.
are intended to be used as currency and
promise immediate payment by the bank that issued the note
Bank Note
represents money the federal government has borrowed from the bondholder
Bond
Nickname for the central bank for the United States
The Fed
allowed the federal government to charter private banks.
National Banking Act
occurs when there is a widespread worry that banks do not have enough money to cover customer demands for withdrawals.
Bank Panic
Rate the Fed charges for loans to commercial banks
Discount Rate
is the mechanism a nation uses to provide and manage money for itself.
Monetary System
is when depositors fear their money is
not safe in the bank in which it was deposited
Bank Run
Rate of interest banks charge on short term loans to their best customers
Prime Rate
The seven member board that oversees the Federal Reserve System
Board of Governors
occurs when a central authority shares power with regional and local authorities
Decentralization
is the amount of money a bank must keep and not invest or loan out.
Reserve Requirement
Makes key decisions about interest rates and decide whether to increase or decrease the money supply
Federal Open Market Comittee
The actions the Fed takes to control the money supply and the rate of inflation in the economy
Monetary Policy