Word: superbank
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Dates: during 1970-1979
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Besides determining the nation's money supply and, indirectly, interest rates, the Federal Reserve is also a kind of superbank. It lends money to member commercial banks, audits their books, writes the rules under which they operate. It can approve or disapprove mergers between banks, or tell a bank whether it can open a new branch in London. The Federal Reserve enforces ten laws enacted to protect borrowers, and wrote the rules that banks must follow to make sure that women can get loans as easily...
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