I. Key terms:

Beneficiary (US)	бенефіціар - a person, who receives a benefit, esp. one who receives money, property etc. under a will (at sb’s death);
Instrumentality	агентство - federal agency the commitments of which are guaranteed by USA Government, but are not their direct commitments;
Wire transfer	електронний переказ - a system of electronic passage of funds.

II. Answer the following questions:

1. Make comparison between commercial banks of the USA and other countries.

2. Prove that many US commercial banks are rather small.

3. Explain why the structure of the US banking system is unique in comparison with those of other countries around the world.

4. What do we mean by so-called dual banking system?

5. Describe each of the two regulatory structures in the US banking system.

6. What bodies does the Federal Reserve System consist of?

III. Find in the text the following word combinations:

Управління контролера грошового обігу; Федеральна корпорація страхування депозитів; Рада керівників Федеральної Резервної Системи; Казначейство, Міністерство фінансів.

IV. Explain the following word combinations and use them in your own sentences:

insured commercial bank domestic retail banking market nationwide branches total banking assets built competition

policy making regional banks corporate banking markets regulatory system banking industry

V. Fill in the blanks. Rewrite the passage filling in the blanks from the list of words below.

manage affairs invested accounts protect chartered regulated savings

advice dual depositor checking loans full-service range entities

profit-making operate credit assets issued supervised funds checks

Financial institutions: their role in business

Financial institutions that serve business include banking institutions – commercial banks, thrifts, credit unions, and others – and non-banking institutions, such as insurance companies and commercial and consumer finance companies. Before 1863 all commercial banks in the United States were _____ by banking commissions of the states in which they operated. To eliminate the abuses of some of the state-chartered banks, the National Banking Act of 1863 created a new banking system of federally chartered banks, supervised by the Office of the Comptroller of Currency, a department of the US Treasury. Today the United States has a _____ banking system in which banks supervised by the federal government and by the state _____ side by side. Insurance companies and consumer finance companies are _____ by the state in which they operate.