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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 stabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Bank Of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Located at 33 Liberty Street in Lower Manhattan, it is by far the largest (by assets), the most active (by volume), and the most influential of the Reserve Banks. The Federal Reserve Bank of New York is solely responsible for implementing monetary policy on behalf of the Federal Open Market Committee and acts as the market agent of the entire Federal Reserve System (as it houses the Open Market Trading Desk and manages System Open Market Account). It is also the sole fiscal agent of the U.S. Department of the Treasury, the bearer of the Treasury's General Account, and the custodian of the world's largest gold storage reserve. Aside from these distin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Board Of Governors
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the monetary policy of the United States. Governors are appointed by the president of the United States and confirmed by the Senate for staggered 14-year terms.See Statutory description By law, the appointments must yield a "fair representation of the financial, agricultural, industrial, and commercial interests and geographical divisions of the country". As stipulated in the Banking Act of 1935, the Chair and Vice Chair of the Board are two of seven members of the Board of Governors who are appointed by the President from among the sitting governors of the Federal Reserve Banks. The terms of the seven members of the Board span multiple presidential and congressional terms. Once a member of the Board of Governors is appointed by the presid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chair Of The Federal Reserve
The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Board of Governors of the Federal Reserve System. The chair shall preside at the meetings of the Board. The chair serves a four-year term after being nominated by the President of the United States and confirmed by the United States Senate; the officeholder serves concurrently as member of the Board of Governors. The chair may serve multiple terms, pending a new nomination and confirmation at the end of each term, with William McChesney Martin as the longest serving chair from 1951 to 1970 and Alan Greenspan as a close second. The chairs cannot be dismissed by the president before the end of their term. The current chair is Jerome Powell, who was sworn in on February 5, 2018. He was nominated to the position by President Donald Trump on November 2, 2017, and later confirmed by the Senate. He was subsequently nominated to a second term ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vice Chair Of The Federal Reserve
The vice chair of the Board of Governors of the Federal Reserve System is the second-highest officer of the Federal Reserve, after the chair of the Federal Reserve. In the absence of the chair, the vice chair presides over the meetings Board of Governors of the Federal Reserve System. The vice chair and the vice chair for supervision each serve a four-year term after being nominated by the president of the United States and confirmed by the United States Senate, and they serve concurrently as members of the Board of Governors. Both vice chairs may serve multiple terms, pending a new nomination and confirmation at the end of each term, with Ronald Ransom as the longest serving vice chair from 1936 to 1947. They cannot be dismissed by the president before the end of their term. The position of vice chair is currently held by Lael Brainard who was sworn in on May 23, 2022. The position of vice chair for supervision is currently held by Michael Barr who was sworn in on July 19, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seal Of The United States Federal Reserve System
Seal may refer to any of the following: Common uses * Pinniped, a diverse group of semi-aquatic marine mammals, many of which are commonly called seals, particularly: ** Earless seal, or "true seal" ** Fur seal * Seal (emblem), a device to impress an emblem, used as a means of authentication, on paper, wax, clay or another medium (the impression is also called a seal) * Seal (mechanical), a device which helps prevent leakage, contain pressure, or exclude contamination where two systems join Arts, entertainment and media * ''Seal'' (1991 album), by Seal * ''Seal'' (1994 album), sometimes referred to as ''Seal II'', by Seal * ''Seal IV'', a 2003 album by Seal * ''Seal Online'', a 2003 massively multiplayer online role-playing game Law * Seal (contract law), a legal formality for contracts and other instruments * Seal (East Asia), a stamp used in East Asia as a form of a signature * Record sealing Military * '' Fairey Seal'', a 1930s British carrier-borne torpedo bomber a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Regulation
Bank regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. As regulation focusing on key factors in the financial markets, it forms one of the three components of financial law, the other two being case law and self-regulating market practices. Given the interconnectedness of the banking industry and the reliance that the national (and global) economy hold on banks, it is important for regulatory agencies to maintain control over the standardized practices of these institutions. Another relevant example for the interconnectedness is that the law of financial industries or financial law focuses on the financial (banking), capital, and insurance markets. Supporters of such regulation often base their arguments on the "too big to fail" notion. This holds tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1907
The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year. The panic occurred during a time of economic recession, and there were numerous runs on banks and on trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. The primary causes of the run included a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors, exacerbated by unregulated side bets at bucket shops. The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When that bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks and trusts, leading a w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The Financial contagion, economic contagion began around September and led to the Wall Street Crash of 1929, Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide Gross domestic product, gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beige Book
The Beige Book, more formally called the Summary of Commentary on Current Economic Conditions, is a report published by the United States Federal Reserve Board eight times a year. The report is published in advance of meetings of the Federal Open Market Committee. Each report is a gathering of "anecdotal information on current economic conditions" by each Federal Reserve Bank in its district from "Bank and Branch directors and interviews with key business contacts, economists, market experts, and others." It is called the ''Beige Book'' because its cover is colored beige. History The ''Beige Book'' (at that time called the ''Red Book'') would first be collected under the direction of Arthur Burns in 1970, seeking to formalize the process of collecting qualitative understandings of the various districts under the Federal Reserve. The ''Red Book'' would become public following the request of U.S. House of Representatives delegate Walter E. Fauntroy in 1983. This public release ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depository Institution
Colloquially, a depository institution is a financial institution in the United States (such as a savings bank, commercial bank, savings and loan associations, or credit unions) that is legally allowed to accept monetary deposits from consumer A consumer is a person or a group who intends to order, or uses purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. ...s. Under federal law, however, a "depository institution" is limited to banks and savings associations - credit unions are not included. An example of a non-depository institution might be a mortgage bank. While licensed to lend, they cannot accept deposits. See also * Authorised deposit-taking institution References * Ruben D Cohen (2004) �The Optimal Capital Structure of Depository Institutions��, ''Wilmott Magazine'', March issue. Financial services in the United States {{B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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