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Chapter 24 Vocab.

coin metallic form of money such as pennies, nickels, and dimes
currency both coins and paper money
commercial bank a financial institution that offers full banking services to individuals and business
savings and loan association (S&L) financial institutions that traditionally loaned money to people buying homes
credit union nonprofit service cooperative that accepts deposits, makes loans, and provides other financial services
central bank an institution that lends money to other banks: also, the place where the government does its banking business
Federal Open Market Committee (FOMC) the most powerful committee of the Fed, because it makes the decisions that affect the economy as a whole by manipulating the money supply
monetary policy policy that involves changing the rate of growth of the money supply in circulation in order to affect the cost and availability of credit
discount rate the interest rate the Fed charges on its loan
reserve a certain percentage of deposits that banks have to set aside as cash in their own vaults or as deposits in their Federal Reserve district bank
open market operations purchase or sale of U.S. government bonds and treasury bills
checking account an account in which deposited money can be withdrawn at any time by writing a check
savings account an account in which customers receive interest based on how much money they have deposit
certificate of deposit timed deposit that states the amount of the deposit, maturity, and rate of interest being paid