1. Ch. 11.3 Notes I.The Federal Reserve (1913) A. The official national bank of the U.S. B. The banks duties/ responsibilities:

2. 1.Lends money to regular banks 2.Sets the interest rate that is changed to banks who borrow money from them 3.Holds money/assets of banks and foreigners

3. 4. Clears checks written by the public 5. Insures bank deposits up to $100,000 (“FDIC Insured”)

4. II. Different types of banks A. Commercial Banks 1. Lends money to businesses B. Savings Bank 2. Lends to individuals C. Savings & Loans (“S & L”) 1. Bank that invests your savings in high risk ventures

5. D. Credit Unions 1. Similar to regular banks, but created and maintained by a group of members who work in the same field or live in the same city a. Ex. Orange County Teachers Fed. Credit Union

6. http://www.federalreserve.gov/otherfrb.htm = map of Fed Banks http://www.moneyfactory.gov/document.cfm/ 18/106http://www.moneyfactory.gov/document.cfm/ 18/106 = Bureau of Engraving & Printing http://www.moneyfactory.gov/document.cfm/18/106