(Encyclopedia) clan, social group based on actual or alleged unilineal descent from a common ancestor. Such groups have been known in all parts of the world and include some that claim the parentage…
(Encyclopedia) Federal Reserve System, central banking system of the United States. Established in 1913, it began to operate in Nov., 1914. Its setup, although somewhat altered since its…
(Encyclopedia) Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank…
(Encyclopedia) Farm Credit Administration (FCA), an independent agency of the executive branch of the federal government that supervises and regulates the Farm Credit System (FCS) for American…
(Encyclopedia) central bank, financial institution designed to regulate and control the money supply of a nation, with the goal of fostering economic growth without inflation. Although central…
(Encyclopedia) Howard, Michael, 1941–, British politician, leader of the Conservative party (2003–5), b. Llanelli, Wales, as Michael Hecht. The son of immigrants (his father changed the family name…
(Encyclopedia) Bank for International Settlements (BIS), international financial institution est. (1930) in Basel, Switzerland, by bankers and diplomats from Europe, the United States, and Japan. It…
(Encyclopedia) discount, in banking and investment, fee for lending money, which the banker deducts from the loan when it is given. Thus, with a $1,000 loan at a 6% discount, the borrower receives $…
(Encyclopedia) banking, primarily the business of dealing in money and instruments of credit. Banks were traditionally differentiated from other financial institutions by their principal functions of…
(Encyclopedia) clearing, in banking, the periodic settling of bankers' claims against each other, for which local banks establish clearinghouse associations. Clearinghouses are said to have existed…
