Word: superbankers
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...commercial-bank lending for the Third World represents only a 2.5% increase above this year's level. Nonetheless, most bankers dread making any new loans to developing countries, where they already have mountains of risky loans outstanding. To encourage new lending, Volcker has suggested setting up a so-called superbank that could speed up loans by commercial banks to the debtors...
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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