Federal Advisory Council: offers advice to the
Federal Reserve System on the nation's financial problems.
Federal Deposit Insurance Corporation (FDIC): a
child of the Great Depression, this independent federal agency
is supposed to inspire confidence in banks. It insures deposits
up to $100,000 in member commercial banks, so depositors
can get their money back if a bank goes belly up.
Federal Reserve Bank: one of 12 district banks of the
Federal Reserve System.
Federal Reserve System: group of banks that
regulates the U.S. money supply, sets rules designed to keep
commercial and savings banks solvent and provides
emergency loans to those banks. Overseen by a board
appointed by U.S. presidents. The chairman of that board
is very powerful, and his actions are closely watched by
investors.
Federal Trade Commission Act: law passed by
Congress in 1914 which set up the Federal Trade
Commission to enforce antitrust rules. The act gave the FTC
the right to define unfair methods of competition and make
rules to prevent such practices.
