What Are the Two Essential Functions Banks Perform for the Economy,and

question 11

Essay

What are the two essential functions banks perform for the economy,and why are they important?

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Definitions:

Interstate Commerce Commission

A regulatory agency in the United States established in 1887 to regulate railroad prices and later expanded to oversee other modes of transportation.

Formal Rule Making

A type of rule-making that is used when legislation requires a formal hearing process with a complete transcript; consists of publication of the proposed rule in the Federal Register, a public hearing, publication of formal findings, and publication of the final rule if adopted.

Ambiguous

Being open to more than one interpretation, meaning, or outcome, often resulting in uncertainty or confusion.

Administrative Law

A branch of public law that governs the activities of administrative agencies of government.