The group within the Federal Reserve that creates monetary policy. Actions taken by the central bank to manage interest rates and the money supply in pursuit of macroeconomic goals. They are stockholders in their district bank and help elect the district’s board of directors. Includes all nationally charted banks and many state-charted banks. The responsibility the Fed has when it sells, redeems, and pays interest on government securities. Transfers between payers’ and payees’ accounts carried out without the use of checks on a secure funds-transfer network. An independent body within the federal government which serves as the central banking system in the United States. Seven members who manage the operations of the Federal Reserve, appointed by the president and approved by the Senate for 14-year terms. ![]() The process of removing money from the bank account of the person who wrote the check the payer-and delivering it to the account of the check’s recipient-the payee. ![]() ![]() Deposits of foreign currencies held by central banks. Match the following terms to the correct definitions.
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