The modern system of central banks that facilitates exchanges of cash, checks, and credit is called the

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The Federal Reserve System is the modern system of central banks in the United States that supervises and regulates banks and financial institutions, conducts monetary policy, and provides payment services such as the clearance and settlement of checks and electronic payments. The Bank of the United States was a central bank that was established in the 18th and 19th centuries but did not survive. The Central Banking Administration and Department of the Treasury are not the correct names for the modern central banking system in the U.S.

The Modern System of Central Banks That Facilitates Exchanges of Cash