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Decline Of The Glass–Steagall Act
The Glass–Steagall Act was a part of the 1933 Banking Act. It placed restrictions on activities that commercial banks and investment banks (or other securities firms) could do. It effectively separated those activities, so the two types of business could not mix, in order to protect consumer's money from speculative use. The Banking Act of 1935 clarified and otherwise amended Glass–Steagall. Over time, private firms and their regulators found novel ways to weaken the barriers envisioned in the legislation. Eventually, the protections became very weak. From its start, there were many economists, businessmen, and politicians who did not find the restrictions to be productive, and wished to do away with them altogether. It took about 66 years, but the legislation was eventually completely repealed. Subsequent financial crises have resulted in attempts to revive the legislation, and even make it stronger than originally envisioned. Glass–Steagall developments from 1935 to 1991 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1933 Banking Act
The Banking Act of 1933 () was a statute enacted by the United States Congress that established the Federal Deposit Insurance Corporation (FDIC) and imposed various other banking reforms. The entire law is often referred to as the Glass–Steagall Act, after its Congressional sponsors, Senator Carter Glass ( D) of Virginia, and Representative Henry B. Steagall (D) of Alabama. The term "Glass–Steagall Act," however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms. That limited meaning of the term is described in the article on Glass–Steagall Legislation. The Banking Act of 1933 (the 1933 Banking Act) joined together two long-standing Congressional projects: #A federal system of bank deposit insurance championed by Representative Steagall #The regulation (or prohibition) of the combination of commercial and investment banking and othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Market Fund
A money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are managed with the goal of maintaining a highly stable asset value through liquid investments, while paying income to investors in the form of dividends. Although they are not insured against loss, actual losses have been quite rare in practice. Regulated in the United States under the Investment Company Act of 1940, and in Europe under Regulation 2017/1131, money market funds are important providers of liquidity to financial intermediaries. Explanation Money market funds seek to limit exposure to losses due to credit, market, and liquidity risks. Money market funds in the United States are regulated by the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940. Rule 2a-7 of the act restricts the quality, maturity and diversity of investments by money ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sears
Sears, Roebuck and Co. ( ), commonly known as Sears, is an American chain of department stores founded in 1892 by Richard Warren Sears and Alvah Curtis Roebuck and reincorporated in 1906 by Richard Sears and Julius Rosenwald, with what began as a mail ordering catalog company migrating to opening retail locations in 1925, the first in Chicago. In 2005, the company was bought by the management of the American big box discount chain Kmart, which upon completion of the merger, formed Sears Holdings. Through the 1980s, Sears was the largest retailer in the United States. In 2018, it was the 31st-largest. After several years of declining sales, Sears's parent company filed for Chapter 11 bankruptcy on October 15, 2018. It announced on January 16, 2019, that it had won its bankruptcy auction, and that a reduced number of 425 stores would remain open, including 223 Sears stores. Sears was based in the Sears Tower in Chicago from 1973 until 1995, and is currently headquartered in Hof ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dreyfus Corporation
Dreyfus is an American investment management company that deals with investment products and strategies. It was established in 1951 and is currently headquartered in New York City. Dreyfus currently is a subsidiary of BNY Mellon Investment Management. History The firm's origin dates back to 1947, when investor Jack Dreyfus founded a brokerage house in New York City named Dreyfus & Co. In 1951, attracted by the concept of mutual funds, Dreyfus & Co. purchased a small management company named John G. Nesbett & Co., Inc. with a small common stock fund called The Nesbett Fund Incorporated. Nesbett & Co. was renamed The Dreyfus Corporation, and The Nesbett Fund became The Dreyfus Fund Incorporated. Going public in 1965, Dreyfus was among the first money management firms to tap into the stock market for additional capital. In 1976, Dreyfus was among the first fund companies to introduce an incorporated tax-exempt municipal bond fund. In 1994, Dreyfus completed its landmark mer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Isaac
William M. "Bill" Isaac (born 1943 in Bryan, Ohio) was the Chairman of the Federal Deposit Insurance Corporation (FDIC) from August 3, 1981 through October 21, 1985. He was appointed to the FDIC Board of Directors by President Jimmy Carter in 1978 at the age of 34 and was named Chairman of the FDIC in 1981 by President Reagan. In 1986, Isaac founded the regulatory consulting firm The Secura Group LLC which became part of FTI Consulting, Inc., a global consulting firm. Isaac served as Chairman of the Board of Fifth Third Bancorp from 2009 through 2014. Isaac left FTI Consulting at year end 2019 and joined The Isaac-Milstein Group as Co-Chairman with New York financier and philanthropist Howard Milstein who is Chairman & CEO of New York Private Bank & Trust which in turn owns Emigrant Bank. Isaac sits on a number of corporate boards (including New York Private Bank & Trust and Emigrant Bank and is Chairman of Sarasota Private Trust and Cleveland Private Trust and speaks and writes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ronald Reagan
Ronald Wilson Reagan ( ; February 6, 1911June 5, 2004) was an American politician, actor, and union leader who served as the 40th president of the United States from 1981 to 1989. He also served as the 33rd governor of California from 1967 to 1975, after having a career in entertainment. Reagan was born in Tampico, Illinois. He graduated from Eureka College in 1932 and began to work as a sports announcer in Iowa. In 1937, Reagan moved to California, where he found Ronald Reagan filmography, work as a film actor. From 1947 to 1952, Reagan served as the president of the Screen Actors Guild, working to Hollywood blacklist, root out alleged communist influence within it. In the 1950s, he moved to a career in television and became a spokesman for General Electric. From 1959 to 1960, he again served as the guild's president. In 1964, his speech "A Time for Choosing" earned him national attention as a new conservative figure. Building a network of supporters, Reagan was 1966 Califo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Holding Company Act
The Bank Holding Company Act of 1956 (, ''et seq.'') is a United States Act of Congress that regulates the actions of bank holding companies. The original law (subsequently amended), specified that the Federal Reserve Board of Governors must approve the establishment of a bank holding company and that bank holding companies headquartered in one state are banned from acquiring a bank in another state. The law was implemented, in part, to regulate and control banks that had formed bank holding companies to own both banking and non-banking businesses. The law generally prohibited a bank holding company from engaging in most non-banking activities or acquiring voting securities of certain companies that are not banks. The interstate restrictions of the Bank Holding Company act were repealed by the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (IBBEA). The IBBEA allowed interstate mergers between "adequately capitalized and managed banks, subject to concentration ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Placement
Private placement (or non-public offering) is a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors. Generally, these investors include friends and family, accredited investors, and institutional investors. PIPE (Private Investment in Public Equity) deals are one type of private placement. SEDA (Standby Equity Distribution Agreement) is also a form of private placement. They are considered to present lower transaction costs for the issuer than public offerings. Since private placements are not offered to the general public, they are prospectus exempt. Instead, they are issued through Offering Memorandum. Private placements come with a great deal of administration and have normally been sold through financial institutions such as investment banks. New FinTech companies now offer an automated, online process making it easier to reach potential investors and reduce the administra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CQ Press
CQ Press, a division of SAGE Publishing, publishes books, directories, periodicals, and electronic products on American government and politics, with an expanding list in international affairs and journalism and mass communication. History Nelson Poynter, former journalist and owner of the St. Petersburg Times, and his wife Henrietta, founded Congressional Quarterly in 1945. Poynter's vision for Congressional Quarterly was to make transparent the happenings within the government and Washington, DC. Poynter established the Modern Media Institute, now known as the Poynter Institute, with the mission of promoting democracy through education to journalists and other media leaders. After Poynter's death in 1978, the Institute received controlling stock of the St. Petersburg Times and ownership of CQ. In May 2008, CQ Press was purchased from ''Congressional Quarterly'' by ''SAGE Publications'' in its entirety. SAGE is an international publisher of journals, books, and electronic media ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jan Kregel
Jan A. Kregel (born 19 April 1944) is an American post-Keynesian economist. Kregel has served since 2006 as Professor of Finance and Development at Tallinn University of Technology, Tallinn, Estonia. He is an adjunct professor at Johns Hopkins SAIS (SAIS), whose Bologna Center he co-directed in the late 1980s, and a visiting professor at the University of Missouri–Kansas City. He is also one of the Senior Scholars at the Levy Economics Institute of Bard College. Until 2007, he was Chief of the Policy Analysis and Development Branch of the Financing for Development Office of United Nations Department of Economic and Social Affairs. Until 2004, he was High Level Expert in International Finance and Macroeconomics in the New York Liaison Office of UNCTAD, being in essence its chief economist. For many years, he held the Chair for Political Economy at the University of Bologna. Kregel studied mainly at the University of Cambridge (with Joan Robinson and Nicholas Kaldor) and Rutgers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neo-Keynesian
The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book ''The General Theory of Employment, Interest and Money'' (1936). It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s. A series of developments occurred that shook the neoclassical synthesis in the 1970s as the advent of stagflation and the work of Monetarism, monetarists like Milton Friedman cast doubt on neo-Keynesian conceptions of monetary theory. The conditions of the period proved the impossibility of maintaining sustainable growth and low level of inflation via the measures suggested by the school. The result would be a series of new ideas t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lender Of Last Resort
A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the financial market in general. The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one. There are varying definitions of a lender of last resort, but a comprehensive one is that it is "the discretionary provision of liquidity to a financial institution (or the market as a whole) by the central bank in reaction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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