Federal Reserve Bank
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- Acting as depositories for bank reserves
- Lending to banks to cover short-term fund deficits, seasonal business cycles, or extraordinary liquidity demands (i.e. runs)
- Collecting and clearing payments between banks
- Issuing banknotes for general circulation as currency
- Administering the deposit accounts of the federal government
- Conducting auctions and buybacks of federal debt
- Purchasing obligations of non-bank entities via emergency credit facilities authorized by the Board of Governors

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