1. The FED
The Federal Reserve Act of 1913 established the Federal Reserve System as the central banking authority of the United States. ... They must maintain minimum levels of reserves with one of the 12 Federal Reserve banks and must deposit a percentage of their customers' savings account and checking account deposits in a Federal Reserve bank. ... Under the Federal Reserve Act of 1913 and amendments over the years, the Federal Reserve System: Conducts America's monetary policy. ... The Federal Reserve makes loans to commercial banks and is authorized to issue the Federal Reserve note...
- Word Count: 1432
- Approx Pages: 6
- Has Bibliography
- Grade Level: High School