Money
This is the first function money serves as
Medium
Gives people a safe place to deposit their money or take out loans
Financial Institutions
Also known as (the Fed)
Federal Reserve System
12
allows customers to write checks or use debit cards
checking accounts
People are willing to accept this in exchange for goods
Money
Financial institutions that offer full banking services to individuals and businesses.
Commercial banks
The US is divided into 12 of these
Federal Reseve Districts
The amount of Board of Governors members
7
pays interest to customers based on how much money they have deposited
savings account
We can money in this form until we are ready to use it
Wealth
Work on a not-for-profit basis
Credit Unions
Controls and coordinates the Fed's activities.
The Board of Governors
Amount of District Bank presidents
5
(CD) is a what
Certificate of Deposit
This is the third function money serves as
Measure of value
Two factors that make the US financial system one of the safest in the world.
Regulation and Insurance
What the Fed's advisory councils report on
General Condition of the economy
Financial Institutions
Issues related to Consumer Loans
Three things the FEDs do
Control Money supply
Serve as governments bank
watches over the banking industry
passed in 1999
The Gramm-Leach-Bliley Act
This includes both coins and paper money
Currency
a national corporation that insures individuals accounts in financial institutions for up to $100,000.
(FDIC) Federal Deposit Insurance Corporation
(FOMC) stands for
Federal Open Market Committee
The Fed can increase or decrease what?
The supply of money
What Franklin D. Roosevelt did when he became president
closed all banks