ECON 2305 Lecture 24 Outline of Last Lecture I Money Outline of Current Lecture I Federal Reserve Banking Current Lecture Are we becoming a cashless society Something government would love because it could see where all the money is going Federal Reserve Banking System Established in 1913 Consists of a Board of Governors 7 appointed members with 14 year terms Supervises the entire banking system Administer protective regulations in consumer finance Has power over Federal Reserve Banks 12 banks Propose discount rates Furnish currency Federal Open Market Committee Made of Board of Governers and 5 reserve bank presidents Directs open market operations buying and selling existing US government securities Functions of the FED Supplies the economy with fiduciary currency Holds depository institution s reserves and provides payment clearing systems Acts as government s fiscal agent Supervises depository institutions Conducts monetary policy Intervenes in foreign currency markets Acts lender of last resort These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute
View Full Document
Unlocking...