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Office Of Financial Research
The Office of Financial Research (OFR) is an independent bureau within the United States Department of the Treasury that was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession. Established as a department reporting to the Treasury, the Office is tasked with (1) collecting and standardizing data, (2) performing applied research and essential long-term research; and (3) developing risk measurement and monitoring tools. The OFR is also responsible for providing support work to the Financial Stability Oversight Council (FSOC). Director The Director of the Office of Financial Research is appointed for a 6-year term. Under President Trump, the agency became less independent and the Director of the OFR is now directly subordinate to the Secretary of the US Treasury. The Director, in consultation with the Chairman of the council (who is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Symbols Of The United States Department Of The Treasury
Symbols of the United States Department of the Treasury include the Flag of the Treasury Department and the U.S. Treasury Seal. The original seal actually predates the department itself, having originated with the Board of Treasury during the period of the Articles of Confederation. The seal is used on all U.S. paper currency, and (like other departmental seals) on official Treasury documents. The seal includes a chevron with thirteen stars, representing the original thirteen states. Above the chevron is a balance, representing justice. The key below the chevron represents authority and trust. The phrase THE DEPARTMENT OF THE TREASURY is around the rim, and 1789 (the year the department was established) is at the bottom. This inscription is in a Cheltanham Bold font. Seal History In 1778, the Second Continental Congress named John Witherspoon, Gouverneur Morris and Richard Henry Lee to design seals for the Treasury and the Navy. The committee reported on a design for the Na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Service
The civil service is a collective term for a sector of government composed mainly of career civil servants hired on professional merit rather than appointed or elected, whose institutional tenure typically survives transitions of political leadership. A civil servant, also known as a public servant, is a person employed in the public sector by a government department or agency for public sector undertakings. Civil servants work for central and state governments, and answer to the government, not a political party. The extent of civil servants of a state as part of the "civil service" varies from country to country. In the United Kingdom (UK), for instance, only Crown (national government) employees are referred to as "civil servants" whereas employees of local authorities (counties, cities and similar administrations) are generally referred to as "local government civil service officers", who are considered public servants but not civil servants. Thus, in the UK, a civil servant is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Systemic Risk Council
The Systemic Risk Council was formed in 2012 by The Pew Charitable Trusts and CFA Institute to help ensure the effective implementation of the Dodd–Frank Wall Street Reform and Consumer Protection Act and related measures related to mitigating systemic risk. Charter ''“This new council is composed of experts with a thorough understanding of the issues, and we are pleased to support their efforts to find nonpartisan and independent recommendations. The reforms to our nation’s financial system enacted by Congress and signed by the president in 2010 were an important first step. The task now is to implement these reforms, especially those related to systemic risk.”'' Rebecca W. Rimel, president and CEO of The Pew Charitable Trusts * ''“Despite the magnitude of the financial crisis, prospects for major reform of regulatory systems are inadequate and vague ”'' John D. Rogers, president of the CFA Institute *''“The great challenge is to devise a system to identify risks th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroprudential Regulation
Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole (or "systemic risk"). In the aftermath of the late-2000s financial crisis, there is a growing consensus among policymakers and economic researchers about the need to re-orient the regulatory framework towards a macroprudential perspective. History As documented by Clement (2010), the term "macroprudential" was first used in the late 1970s in unpublished documents of the Cooke Committee (the precursor of the Basel Committee on Banking Supervision) and the Bank of England. But only in the early 2000s—after two decades of recurrent financial crisis, financial crises in industrial and, most often, emerging market countries—did the macroprudential approach to the regulatory and supervisory framework become increasingly promoted, especially by authorities of the Bank for International Settlements. A wider agreement on its relevance has been reached as a r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title 12 Of The Code Of Federal Regulations
CFR Title 12 – Banks and Banking is one of 50 titles composing the United States Code of Federal Regulations In the law of the United States, the ''Code of Federal Regulations'' (''CFR'') is the codification of the general and permanent regulations promulgated by the executive departments and agencies of the federal government of the United States. ... (CFR) and contains the principal set of rules and regulations issued by federal agencies regarding banks and banking. It is available in digital and printed form and can be referenced online using thElectronic Code of Federal Regulations(e-CFR). Structure The table of contents, as reflected in the e-CFR updated March 5, 2014, is as follows: 12 {{US-law-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wall Street Reform
Wall Street reforms are reforms or regulations of the financial industry in the United States. Wall Street is the home of the country's two largest stock exchanges, and "Wall Street" is a metonym for the United States financial sector. Major Wall Street reform bills include the Federal Reserve Act of 1913, the Glass-Steagall Act of 1933, the Truth in Lending Act of 1968, the Community Reinvestment Act of 1977, the Gramm–Leach–Bliley Act of 1999, and the Sarbanes-Oxley Act of 2002. The most recent Wall Street reform bill, the Dodd–Frank Wall Street Reform and Consumer Protection Act, was signed by President of the United States Barack Obama on July 22, 2010, following a global financial crisis. The Glass–Steagall Act of 1933 The Glass–Steagall Act of 1933 placed a "wall of separation" between banks and brokerages, which was largely repealed by the Financial Services Modernization Act of 1999. The bill was enacted during the Great Depression, which began with the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subprime Mortgage Crisis Solutions Debate
The Subprime mortgage crisis solutions debate discusses various actions and proposals by economists, government officials, journalists, and business leaders to address the subprime mortgage crisis and broader financial crisis of 2007–08. Overview The debate concerns both immediate responses to the ongoing subprime mortgage crisis, as well as long-term reforms to the global financial system. During 2008–2009, solutions focused on support for ailing financial institutions and economies. During 2010, debate continued regarding the nature of reform. Key points include: the split-up of large banks; whether depository banks and investment banks should be separated; whether banks should be able to make risky trades on their own accounts; how to wind-down large investment banks and other non-depository financial institutions without taxpayer impact; the extent of financial cushions that each institution should maintain (leverage restrictions); the creation of a consumer protection age ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory Responses To The Subprime Crisis
Regulatory responses to the subprime crisis addresses various actions taken by governments around the world to address the effects of the subprime mortgage crisis. Regulators and legislators are considering action regarding lending practices, bankruptcy protection, tax policies, affordable housing, credit counseling, education, and the licensing . Regulations or guidelines can also influence the nature, transparency and regulatory reporting required for the complex legal entities and securities involved in these transactions. Congress also is conducting hearings to help identify solutions and apply pressure to the various parties involved. U.S. President Barack Obama and key advisers introduced a series of regulatory proposals in June 2009. The proposals address consumer protection, executive pay, bank financial cushions or capital requirements, expanded regulation of the shadow banking system and derivatives, and enhanced authority for the Federal Reserve to safely wind-down ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis Of 2007–08
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Administrative Subpoena
An administrative subpoena under U.S. law is a subpoena issued by a federal agency without prior judicial oversight. Critics say that administrative subpoena authority is a violation of the Fourth Amendment to the United States Constitution, while proponents say that it provides a valuable investigative tool. History Philip Hamburger argues historical antecedents for the modern-day administrative subpoena date back as far as the Star Chamber and the prerogative courts, which issued warrants and subpoenas that were not subject to significant procedural safeguards or the rule of law. Administrative subpoenas have most commonly been issued by the Offices of the Inspector General of various federal agencies. The Drug Enforcement Administration was granted administrative subpoena authority under the Comprehensive Drug Abuse Prevention and Control Act of 1970. In 1996 Congress expanded the authority to issue the subpoenas to the Federal Bureau of Investigation when investigating ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Government Of The United States
The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a federal district (the city of Washington in the District of Columbia, where most of the federal government is based), five major self-governing territories and several island possessions. The federal government, sometimes simply referred to as Washington, is composed of three distinct branches: legislative, executive, and judicial, whose powers are vested by the U.S. Constitution in the Congress, the president and the federal courts, respectively. The powers and duties of these branches are further defined by acts of Congress, including the creation of executive departments and courts inferior to the Supreme Court. Naming The full name of the republic is "United States of America". No other name appears in the Constitution, and this i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title 5 Of The United States Code
Title 5 of the United States Code is a positive law title of the United States Code with the heading "Government Organization And Employees." Provisions Title 5 contains the Freedom of Information Act, Privacy Act of 1974, the Congressional Review Act as well as authorization for government reorganizations such as Reorganization Plan No. 3. It also is the Title that specifies Federal holidays (). * Part I: The Agencies Generally * Part II: Civil Service Functions and Responsibilities * Part III: Employees ** —Executive Schedule ** —General Schedule ** —Work Hours *** —Holidays In addition, there is an appendix to Title 5 but it is not itself considered positive law. It contains reorganization plans and the Inspector General Act of 1978, as well as other laws. History On September 6, 1966, Title 5 was enacted as positive law by Pub. L. 89–554 (). Prior to the 1966 positive law recodification, Title 5 had the heading, "Executive Departments and Government Officers a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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