Banking Systems Review

Question	Answer
This act allow banks to consolidate so they may act as investment banks AND commercial banks while being able to also provide investment insurance	Gramm-Leach Bliley Act
What will happen to the economy is the FED raises interest rates (discount rate)?	Less consumer spending = economic slowdown
The number of Federal Reserve Districts = ?	12
Insures money in banks up to $250,000	FDIC - Federal Deposit Insurance Corporation
This Act established a uniform standard of currency (Civil War Era) and a dual banking system (national and state banks)	National Banking Act of 1863 (into 1864)
This type of bank offers FULL banking services to its customers like accepting deposits and making loans (Ex: Citibank)	commercial banks
This Act established the FDIC (Federal Deposit Insurance Corporation) as a result of the Great Depression	Glass-Steagall Banking Act
What will happen to the economy if the FED (Federal Reserve) lowers interest rates (discount rate)?	Increased consumer spending = economic boost
Who is the Federal Reserve policy making group?	FOMC - Federal Open Market Committee
Their job is to regulate banks, control interest rates, loan money to banks, and issue gov't bonds	FED - Federal Reserve System
Can you name 3 basic types of bank accounts?	Checking, Savings, and CD (Certificate of Deposit)

Resource summary

	Created by Jeff Davidson about 6 years ago