2. According to the U.S. Constitution, who has the power to make and regulate money? American money used to be based on the value of what product? How about today?

3. Today I will be able to analyze the purpose and controversy surrounding the Federal Reserve System by constructing a short response.

4. Growing nation needed lots of currency Popularity of checking accounts Lenders/banks couldn’t handle even small recessions

5. Creation on Jekyll Island by wealthy bankers Organized as a corporation Private banks own the Fed The Creation of the Fed

6. 10,000 banks failed during the Depression Why did these banks close? What did the federal government do to help prevent another banking collapse? What happens today if a bank is getting ready to collapse?

7. Ben Bernanke Page 398

8. Changes interest rates Does not need approval Big Review Question: What do changes in interest rates do to our economy? In other words, why are they so important?

9. Board of Governors- chairman is the boss Appt. by president, approved by Congress Why is it said that the Fed is “privately owned but publicly controlled?” District Banks Zeitgeist- The Federal Reserve

10. Pages 399-401

11. College-level question: Given the information you have gathered today, is the Federal Reserve a nefarious organization or is it a servant to American citizens? Explain your answer with facts and details.

12. ACT Training