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Brown–Kaufman Amendment
The Brown–Kaufman amendment (or the SAFE Banking Act) was a failed 2010 amendment proposed in the United States Senate to be part of the Dodd–Frank bill by Democratic Senators Sherrod Brown (OH) and Ted Kaufman (DE). It sought to address the moral hazard of too big to fail by breaking up the largest banks with limits on the size of financial institutions. ''The Christian Science Monitor'' said the amendment was based on the idea that "too big to fail is too big to exist." ''The New York Times'' called it a liberal initiative with pure "populist appeal". The proposal failed on the Senate floor by a vote of 61 to 33 on May 6, 2010. Economist Simon Johnson emphasized that only a handful of Republicans voted for the bill and that the Obama administration opposed the amendment. After the vote, ''The American Prospect'' said the 33 "Yea" votes represented a "fascinating coalition – liberals and conservatives, Democratic leadership and three Republican conservatives." ''The New Yor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate
The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and powers of the Senate are established by Article One of the United States Constitution. The Senate is composed of senators, each of whom represents a single state in its entirety. Each of the 50 states is equally represented by two senators who serve staggered terms of six years, for a total of 100 senators. The vice president of the United States serves as presiding officer and president of the Senate by virtue of that office, despite not being a senator, and has a vote only if the Senate is equally divided. In the vice president's absence, the president pro tempore, who is traditionally the senior member of the party holding a majority of seats, presides over the Senate. As the upper chamber of Congress, the Senate has several powers o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, New York–based financial interests, or the Financial District itself. Anchored by Wall Street, New York has been described as the world's principal financial center. Wall Street was originally known in Dutch as "de Waalstraat" when it was part of New Amsterdam in the 17th century, though the origins of the name vary. An actual wall existed on the street from 1685 to 1699. During the 17th century, Wall Street was a slave trading marketplace and a securities trading site, and from the early eighteenth century (1703) the location of Federal Hall, New York's first city hall. In the early 19th century, both residences and businesses occupied the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Volcker Rule
The Volcker Rule iof the Dodd–Frank Wall Street Reform and Consumer Protection Act (). The rule was originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers. Volcker argued that such speculative activity played a key role in the financial crisis of 2007–2008. The rule is often referred to as a ban on proprietary trading by commercial banks, whereby deposits are used to trade on the bank's own accounts, although a number of exceptions to this ban were included in the Dodd–Frank law. The rule's provisions were scheduled to be implemented as part of the Dodd–Frank Act on July 21, 2010, with preceding ramifications, but were delayed. On December 10, 2013, the necessary agencies approved regulations implementing the rule, which were scheduled to go into effect April 1, 2014. On January 14, 2014, after a lawsui ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank was founded in San Francisco. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking. One branch of its history stretches back to the U.S.-based Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination. Originally headquartered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wells Fargo
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and internationally. The company has operations in 35 countries with over 70 million customers globally. It is considered a systemically important financial institution by the Financial Stability Board. The firm's primary subsidiary is Wells Fargo Bank, N.A., a national bank which designates its Sioux Falls, South Dakota site as its main office. It is the fourth largest bank in the United States by total assets and is also one of the largest as ranked by bank deposits and market capitalization. Along with JPMorgan Chase, Bank of America and Citigroup. Wells Fargo is one of the "Big Four Banks" of the United States. It has 8,050 branches and 13,000 ATMs. It is one of the most valuable bank brands. Wells Fargo, in its present form, is a result of a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JPMorgan Chase
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the world's largest bank by market capitalization, and the fifth largest bank in the world in terms of total assets, with total assets of US$3.774 trillion. Additionally, JPMorgan Chase is ranked 24th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important bank by the Financial Stability Board. As a " Bulge Bracket" bank, it is a major provider of various investment banking and financial services. It is one of America's Big Four banks, along with Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, wealth man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Holding Company Act Amendments Of 1970
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alan Greenspan
Alan Greenspan (born March 6, 1926) is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He works as a private adviser and provides consulting for firms through his company, Greenspan Associates LLC. First nominated to the Federal Reserve by President Ronald Reagan in August 1987, he was reappointed at successive four-year intervals until retiring on January 31, 2006, after the second-longest tenure in the position, behind only William McChesney Martin. President George W. Bush appointed Ben Bernanke as his successor. Greenspan came to the Federal Reserve Board from a consulting career. Although he was subdued in his public appearances, favorable media coverage raised his profile to a point that several observers likened him to a "rock star". Democratic leaders of Congress criticized him for politicizing his office because of his support for Social Security privatization and tax cuts. Many have argued that the "easy-money" policies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and regulating banks, maintaining the stabili ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The American Prospect
''The American Prospect'' is a daily online and bimonthly print American political and public policy magazine dedicated to American modern liberalism and progressivism. Based in Washington, D.C., ''The American Prospect'' says it "is devoted to promoting informed discussion on public policy from a progressive perspective." Its motto is "Ideas, Politics, and Power". History The magazine, initially called ''The Liberal Prospect'', was founded in 1990 by Robert Kuttner, Robert Reich, and Paul Starr as a response to the perceived ascendancy of conservatism in the 1980s. Kuttner and Starr currently serve as co-editors. As of June 2019, David Dayen serves as executive editor and Ellen J. Meany serves as Publisher. Current editors include Managing Editor Ryan Cooper, Co-founder and Co-editor Robert Kuttner, Editor-at-Large Harold Meyerson, Co-founder and Co-editor Paul Starr, and Deputy Editor Gabrielle Gurley. Staff writers and contributors have included Gabriel Arana, Steve Ericks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simon Johnson (economist)
Simon H. Johnson (born January 16, 1963) is a British American economist. He is the Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics. He has held a wide variety of academic and policy-related positions, including Professor of Economics at Duke University's Fuqua School of Business. From March 2007 through the end of August 2008, he was Chief Economist of the International Monetary Fund. He is author, with James Kwak, of the 2010 book '' 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown'' (), with whom he has also co-founded and regularly contributes to the economics blog The Baseline Scenario. Education Johnson's first degree was a BA from the University of Oxford, which was followed by an MA from the University of Manchester, and finally in 1989 he earned a Ph.D. in economics from MIT, with a dissertation entitled ''Inflation, intermediation, and econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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