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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.

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THRIFT INSTITUTIONS 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 thrift institutions (savings and loan associations, credit unions, and mutual savings banks). The Thrift Institutions Advisory Council (TIAC) is comprised of 12 members, each serving for 2 years, who represent the interests of savings and loan associations, credit unions, and mutual savings banks. The TIAC is one of three Federal Reserve Board advisory committees. The other two are Federal Advisory Council and Consumer Advisory Council.
The Thrift Institutions Advisory Council (TIAC) is an advisory council that 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 contains 12 members, each serving for 2 years and appointed directly by the Board of Governors, who represent the interests of savings and loan associations, credit unions, and mutual savings banks.

The Thrift Institutions Advisory Council is designed to provide the Federal Reserve Board with advice and feedback in its role as a regulator of thrift institutions. In 1980, the Monetary Control Act extended regulatory oversight of thrift institutions to the Federal Reserve Board of Governors. To assist in these new duties, the Board created the TIAC for feedback from representatives of thrift institutions. The council meets with the Federal Reserve Board 3 times a year to discuss the special needs and concerns of thrift institutions.

Two additional advisory councils provide the Federal Reserve Board with advice and feedback on Federal Reserve activity--Federal Advisory Council and Consumer 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.

  • Consumer Advisory Council: Advice on credit consumer protection activities of the Federal Reserve Board is offered by this council of 30 members. The Consumer Advisory Council (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

<= THRIFT INSTITUTIONSTIEBOUT HYPOTHESIS =>


Recommended Citation:

THRIFT INSTITUTIONS ADVISORY COUNCIL, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: February 25, 2020].


Check Out These Related Terms...

     | monetary economics | monetary policy | central banking | Federal Reserve pyramid | Federal Reserve System | Chairman of the Board of Governors, Federal Reserve System | Board of Governors, Federal Reserve System | Federal Reserve Banks | Federal Open Market Committee | Federal Advisory Council | Consumer Advisory Council | open market operations | discount rate | reserve requirements |


Or For A Little Background...

     | fractional-reserve banking | banks | money | bank reserves | bank panic | business cycles | check clearing | money creation | macroeconomics | thrift institutions | savings and loan associations | credit unions | mutual savings banks |


And For Further Study...

     | Federal Deposit Insurance Corporation | Comptroller of the Currency | monetary aggregates | barter | aggregate market | unemployment | inflation | bank balance sheet | gross domestic product | circular flow | goldsmith money creation | consumer demand theory |


Related Websites (Will Open in New Window)...

     | Federal Reserve System |


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