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Glass–Steagall Act Of 1932
The first "Glass–Steagall Act" was a law passed by the United States Congress on February 27, 1932, prior to the inclusion of more comprehensive measures in the Banking Act of 1933, which is now more commonly known as the Glass-Steagall Act. It was the first time that currency (non-specie, paper currency etc.) was permitted to be allocated for the Federal Reserve System. It was passed in an effort to stop deflation and expanded the Federal Reserve's ability to offer loans to member banks (rediscounts) on more types of assets such as government bonds as well as commercial paper. The "Glass–Steagall Act" is not the official title of the law; it is a colloquialism that refers to its legislative sponsors, Carter Glass, a US Senator from Virginia and Henry B. Steagall, the Congressman from Alabama's 3rd congressional district. The official title was "An Act to Improve the Facilities of the Federal Reserve System for the Service of Commerce, Industry, & Agriculture, to Provide M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washington, D.C. Senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The U.S. vice president has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members. The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-numbered year on Election Day. The members of the House of Representatives are elected for the two-year term of a Congress. The Reapportionment Act of 1929 establishes that there be 435 representatives and the Uniform Congressional Redistricting Act requires ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry B
Henry may refer to: People *Henry (given name) *Henry (surname) * Henry Lau, Canadian singer and musician who performs under the mononym Henry Royalty * Portuguese royalty ** King-Cardinal Henry, King of Portugal ** Henry, Count of Portugal, Henry of Burgundy, Count of Portugal (father of Portugal's first king) ** Prince Henry the Navigator, Infante of Portugal ** Infante Henrique, Duke of Coimbra (born 1949), the sixth in line to Portuguese throne * King of Germany ** Henry the Fowler (876–936), first king of Germany * King of Scots (in name, at least) ** Henry Stuart, Lord Darnley (1545/6–1567), consort of Mary, queen of Scots ** Henry Benedict Stuart, the 'Cardinal Duke of York', brother of Bonnie Prince Charlie, who was hailed by Jacobites as Henry IX * Four kings of Castile: **Henry I of Castile **Henry II of Castile **Henry III of Castile **Henry IV of Castile * Five kings of France, spelt ''Henri'' in Modern French since the Renaissance to italianize the name and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Corporate Law
United States corporate law regulates the governance, finance and power of corporations in US law. Every state and territory has its own basic corporate code, while federal law creates minimum standards for trade in company shares and governance rights, found mostly in the Securities Act of 1933 and the Securities and Exchange Act of 1934, as amended by laws like the Sarbanes–Oxley Act of 2002 and the Dodd–Frank Wall Street Reform and Consumer Protection Act. The US Constitution was interpreted by the US Supreme Court to allow corporations to incorporate in the state of their choice, regardless of where their headquarters are. Over the 20th century, most major corporations incorporated under the Delaware General Corporation Law, which offered lower corporate taxes, fewer shareholder rights against directors, and developed a specialized court and legal profession. Nevada has done the same. Twenty-four states follow the Model Business Corporation Act, while New York and Calif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ferdinand Pecora
Ferdinand Pecora (January 6, 1882 – December 7, 1971) was an American lawyer and New York State Supreme Court judge who became famous in the 1930s as Chief Counsel to the United States Senate Committee on Banking and Currency during its investigation of Wall Street banking and stock brokerage practices. Early life Ferdinand Pecora was born in Nicosia, Sicily, the son of Louis Pecora and Rosa Messina, who emigrated to the United States in 1886. He grew up in Chelsea, Manhattan. After briefly studying for the Episcopal ministry, Pecora attended St. Stephen's College (now Bard College) and the City University of New York before he was forced to leave school when his father was injured in an industrial accident. Career After securing a job as a clerk in a Wall Street law firm, Pecora eventually attended New York Law School and became a member of the New York bar in 1911. New York City public prosecution Originally a Progressive Republican, he became a member of the Democratic P ... [...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 preside ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paper Currency
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks or monetary authorities. National banknotes are often – but not always – legal tender, meaning that courts of law are required to recognize them as satisfactory payment of money debts. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment. This practice of "backing" notes with something of substance is t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Bank Note
Federal Reserve Bank Notes are banknotes that are legal tender in the United States issued between 1915 and 1934, together with United States Notes, Silver Certificates, Gold Certificates, National Bank Notes and Federal Reserve Notes. They were specified in the Federal Reserve Act of 1913 and had the same value as other kinds of notes of similar value. Federal Reserve Bank Notes are different from Federal Reserve Notes in that they are backed by one of the twelve Federal Reserve Banks, rather than by all collectively. Federal Reserve Bank Notes were envisioned as a replacement for National Bank Notes, but that did not prove to be the case. They were backed in a similar way to National Bank Notes, using U.S. bonds, but issued by Federal Reserve banks instead of by chartered National banks. Federal Reserve Bank Notes are no longer issued; the only U.S. banknotes still in production since 1971 are the Federal Reserve Notes. Large size Federal Reserve Bank Notes were first issued in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Banks
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows: Some banks also possess branches, with the whole system being headquartered at the Eccles Building in Washington, D.C. History The Federal Reserve Banks are the most recent institutions that the United States government has created to provide functions of a central bank. Prior institutions have included the First (1791–1811) and Second (1818–1824) Banks of the United States, the Independent Treasury (1846–1920) and the National Banking System (1863–1935). Several policy questions have arisen with these institutions, including the degree of influence by private intere ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alabama's 3rd Congressional District
Alabama's 3rd congressional district is a United States congressional district in Alabama that elects a representative to the United States House of Representatives. It is based in east central Alabama and encompasses portions of Montgomery and the entirety of Calhoun, Chambers, Cherokee, Clay, Cleburne, Lee, Macon, Randolph, Russell, St. Clair, Talladega, and Tallapoosa counties. The district takes in some of the city of Montgomery. Other cities in the district include Phenix City, Talladega, Tuskegee and Auburn. At the federal level, the district is fairly Republican-leaning, albeit not as strongly as many of the other districts in the state. John McCain carried the district in 2008 with 56.21% of the vote while Barack Obama clinched 43.04% of the vote. The district is currently represented by Republican Mike Rogers and was once represented by Bob Riley, the former Governor of Alabama. Election results from statewide races List of members representing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the Lower house, lower chamber of the United States Congress, with the United States Senate, Senate being the Upper house, upper chamber. Together they comprise the national Bicameralism, bicameral legislature of the United States. The House's composition was established by Article One of the United States Constitution. The House is composed of representatives who, pursuant to the Uniform Congressional District Act, sit in single member List of United States congressional districts, congressional districts allocated to each U.S. state, state on a basis of population as measured by the United States Census, with each district having one representative, provided that each state is entitled to at least one. Since its inception in 1789, all representatives have been directly elected, although universal suffrage did not come to effect until after ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Virginia
Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth are shaped by the Blue Ridge Mountains and the Chesapeake Bay, which provide habitat for much of its flora and fauna. The capital of the Commonwealth is Richmond; Virginia Beach is the most-populous city, and Fairfax County is the most-populous political subdivision. The Commonwealth's population was over 8.65million, with 36% of them living in the Baltimore–Washington metropolitan area. The area's history begins with several indigenous groups, including the Powhatan. In 1607, the London Company established the Colony of Virginia as the first permanent English colony in the New World. Virginia's state nickname, the Old Dominion, is a reference to this status. Slave labor and land acquired from displaced native tribes fueled the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Glass–Steagall Legislation
The Glass–Steagall legislation describes four provisions of the United States Banking Act of 1933 separating commercial and investment banking.. Wilmarth 1990, p. 1161. The article 1933 Banking Act describes the entire law, including the legislative history of the provisions covered herein. As with the Glass–Steagall Act of 1932, the common name comes from the names of the Congressional sponsors, Senator Carter Glass and Representative Henry B. Steagall. The separation of commercial and investment banking prevented securities firms and investment banks from taking deposits, and commercial Federal Reserve member banks from: * dealing in non-governmental securities for customers, * investing in non-investment grade securities for themselves, * underwriting or distributing non-governmental securities, * affiliating (or sharing employees) with companies involved in such activities. Starting in the early 1960s, federal banking regulators' interpretations of the Act permitted co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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