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RESERVES: The vault cash and deposits at the Federal Reserve System that banks use to complete day-to-day transactions.
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REQUIRED RESERVES The reserves (vault cash and Federal Reserve deposits) that banks are required by government to keep to back up deposits. The primary use of required reserves is to process daily checkable deposit transactions. The government regulator in charge of setting reserve requires is the Federal Reserve System. Required reserves are usually in the range of 3 to 10 percent for checkable deposits and substantially less (0 percent) for savings deposits. Any legal reserves held by banks over those required to back deposits, termed excess reserves or free reserves, are available for interest-generating loans.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"It is part of the American character to consider nothing as desperate. " -- President Thomas Jefferson
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UNCTAD
United Nations Conference on Trade and Development
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