1. Assignment – Chapter 15 ALL vocabulary from chapter 15 Complete this portion of the assignment and we will continue on…that is all…carry on.

2. Chapter 15 – section 1 1. What banks must belong to the Fed and what others have a choice whether to belong? 2. What are the main functions of the Board of Governors? 3. What are the functions of the Federal Open Market Committee (FOMC)? 4. What are the three advisory committees that advise the Board of Governors? Explain briefly what each one does.

3. 5. What are two key uses for the reserves that depository institutions must maintain? 6. What is a bank holding company and how is it different from a bank? 7. What are four other responsibilities of the Fed? Explain each one briefly.