During crises, this body established and used a term auction facility to avoid the stigma associated with its "discount window". In the country where it is based, this organization acts as a check-clearing system. It is the lender of last resort for organizations that do not have enough capital on hand according to the fractional reserve banking system, but failed to prevent bank runs during the Great Depression. Alan Greenspan was the longest-se
During crises, this body established and used a term auction facility to avoid the stigma associated with its "discount window". In the country where it is based, this organization acts as a check-clearing system. It is the lender of last resort for organizations that do not have enough capital on hand according to the fractional reserve banking system, but failed to prevent bank runs during the Great Depression. Alan Greenspan was the longest-serving leader of this bank, and used winding, obscure speech to avoid influencing the markets. For 10 points, name this central banking system of the United States, currently led by Ben Bernanke.
During crises, this body established and used a term auction facility to avoid the stigma associated with its "discount window".
The {Federal Reserve} System