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HOTELLING'S PARADOX: A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they maintain differences. Similarities enable substitutability. That is, one firm can attract the buyers away from other firms. Differences enable uniqueness and market control. That is, a firm has a small monopoly for its product that allows it to charge a higher price than achieved with perfect competition. This is also termed the principle of minimum differences.
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CONSUMER ADVISORY COUNCIL: A support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors on matters dealing with consumer credit. The Federal Advisory Council (FAC) is comprised of 30 members, representing a broad spectrum of consumer related interests. The CAC is one of three Federal Reserve Board advisory committees. The other two are Federal Advisory Council and Thrift Institutions Advisory Council. The Consumer Advisory Council (CAC) is an advisory support committee to the Board of Governors of the Federal Reserve System. It has no policy making authority but serves to provide feedback and advice on issues relevant to the Fed's oversight of consumer credit protection. The CAC was established in 1976 and contains members who represent consumers and financial groups, including both academicians and legal specialists with knowledge of consumer affairs. Members serve staggered 3 year terms. The council meets with the Federal Reserve Board three times a year.The Consumer Advisory Council is designed to provide the Federal Reserve Board with advice and feedback on its role as a consumer credit regulator. Among its assorted duties, the Federal Reserve Board oversees the administration of several key consumer credit regulations set forth in the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act, and the Truth in Savings Act. The CAC provides the Board with its studied opinion on consumer credit policies and regulations. Two additional advisory councils provide the Federal Reserve Board with advice and feedback on Federal Reserve activity--Federal Advisory Council and Thrift Institutions Advisory Council. - Federal Advisory Council: This council is comprised of 12 members, one from each of the 12 Federal Reserve Districts. A council member, typically a commercial bank president operating in the district, is appointed by the Federal Reserve District Bank and serves three one-year terms. The Federal Advisory Council (FAC) meets with the Federal Reserve Board at least four times a year, generally the first Friday in February, May, September, and December, to discuss any and all issues relevant to the Federal Reserve System.
- Thrift Institutions Advisory Council: This advisory council was established in 1980 when the Federal Reserve System extended regulatory oversight to thrift institutions (savings and loan associations, credit unions, and mutual savings banks). The Thrift Institutions Advisory Council (TIAC) contains 12 members, each serving for 2 years, who represent the interests of savings and loan associations, credit unions, and mutual savings banks. The council meets with the Federal Reserve Board 3 times a year to discuss the special needs and concerns of thrift institutions.
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Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for gnomes hiding in cypress trees. Your Complete Scope
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John Maynard Keynes was born the same year Karl Marx died.
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"Nothing great has ever been achieved except by those who dared believe that something inside them was superior to circumstances. " -- Bruce Barton, Advertising executive
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BIF Bank Insurance Fund
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