1. issues national currency, conducts monetary policy, supervise and regulate banks
2. Washington D.C.
3. Board of Governors
4. District Banks
5. purchase stock in district reserve banks
6. receive dividends, rights to vote
7. issue reserve requirements, permits to borrow from Fed
8. Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St.Louis, Minneapolis, Kansas City, Dallas, San Fran
9. interest rate charged to banks for borrowing from Fed
10. NY
12. reserve bank holdings
13. operational expenses
14. made up of a group of policymakers free from government checks
15. works according to objectives of administration
16. removes Congress as a source of influence
17. Four effects: increased econ stability, destabilizing, reduce inflation, ill-euipped to solve problems
18. amount of money available at any one time in economy
19. bank purchases gov't securities
20. sells securities on open market
21.percentage of deposits that banks must maintain on reserve at banks
22. lower discount rates
23. lower interest rates
24. money is tight-increase interest rates, reductions in GDP, increased unemployment