Federal Advisory Council (FAC).
What will be an ideal response?
This council, established by the Federal Reserve Act, comprises 12 representatives of the banking industry. The FAC ordinarily meets with the Board four times a year, as required by law. Annually, each Reserve Bank chooses one person to represent its District on the FAC. FAC members customarily serve three one-year terms and elect their own officers
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An advantage of a partnership over a proprietorship is
A) limited liability. B) that profits are not taxed twice. C) the ability to take advantage of greater specialization. D) that it is easier to dissolve.
The individual firm in a purely competitive labor market faces:
A. a perfectly elastic labor supply curve and a downsloping labor demand curve. B. a perfectly elastic labor demand curve and an upsloping labor supply curve. C. labor demand and labor supply curves both of which are perfectly elastic. D. a downsloping labor demand curve and an upsloping labor supply curve.