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The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics 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.
The Reconstruction Finance Corporation (RFC) was a government corporation administered by the United States Federal Government between 1932 and 1957 that provided financial support to state and local governments and made loans to banks, railroads, mortgage associations, and other businesses. Its purpose was to boost the country's confidence and help banks resume daily functions after the start of the Great Depression. The RFC became more prominent under the New Deal and continued to operate through World War II. It was disbanded in 1957, when the US Federal Government concluded that it no longer needed to stimulate lending.
Federal Emergency Management Agency (FEMA) is an agency of the United States Department of Homeland Security (DHS), initially created under President Jimmy Carter by Presidential Reorganization Plan No. 3 of 1978 and implemented by two Executive Orders on April 1, 1979. The agency's primary purpose is to coordinate the response to a disaster that has occurred in the United States and that overwhelms the resources of local and state authorities. The governor of the state in which the disaster occurs must declare a state of emergency and formally request from the President that FEMA and the federal government respond to the disaster. The only exception to the state's gubernatorial declaration requirement occurs when an emergency or disaster takes place on federal property or to a federal asset—for example, the 1995 bombing of the Alfred P. Murrah Federal Building in Oklahoma City, Oklahoma, or the Space Shuttle Columbia in the 2003 return-flight disaster.
In the United States government, independent agencies are agencies that exist outside the federal executive departments and the Executive Office of the President. In a narrower sense, the term refers only to those independent agencies that, while considered part of the executive branch, have regulatory or rulemaking authority and are insulated from presidential control, usually because the president's power to dismiss the agency head or a member is limited.
The Fair Deal was a set of proposals put forward by U.S. President Harry S. Truman to Congress in 1945 and in his January 1949 State of the Union address. More generally, the term characterizes the entire domestic agenda of the Truman administration, from 1945 to 1953. It offered new proposals to continue New Deal liberalism, but with a conservative coalition controlling Congress, only a few of its major initiatives became law and then only if they had considerable Republican Party support. As Richard Neustadt concludes, the most important proposals were aid to education, national health insurance, the Fair Employment Practices Commission, and repeal of the Taft–Hartley Act. They were all debated at length, then voted down. Nevertheless, enough smaller and less controversial items passed that liberals could claim some success.
The Federal Emergency Relief Administration (FERA) was a program established by President Franklin D. Roosevelt in 1933, building on the Herbert Hoover administration's Emergency Relief and Construction Act. It was replaced in 1935 by the Works Progress Administration (WPA).
The term New Frontier was used by Democratic presidential candidate John F. Kennedy in his acceptance speech in the 1960 United States presidential election to the Democratic National Convention at the Los Angeles Memorial Coliseum as the Democratic slogan to inspire America to support him. The phrase developed into a label for his administration's domestic and foreign programs.
The United States Housing Authority, or USHA, was a federal agency created during 1937 within the United States Department of the Interior by the Housing Act of 1937 as part of the New Deal.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed. Economic performance during the period was adversely affected by two recessions, in 2001 and 2007–2009.
Title 12 of the United States Code outlines the role of Banks and Banking in the United States Code.
Title 42 of the United States Code is the United States Code dealing with public health, social welfare, and civil rights. Parts of Title 42 which formerly related to the US space program have been transferred to Title 51.
The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see 2007–2008 financial crisis.
The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1938. Major federal programs and agencies, including the Civilian Conservation Corps (CCC), the Works Progress Administration (WPA), the Civil Works Administration (CWA), the Farm Security Administration (FSA), the National Industrial Recovery Act of 1933 (NIRA) and the Social Security Administration (SSA), provided support for farmers, the unemployed, youth, and the elderly. The New Deal included new constraints and safeguards on the banking industry and efforts to re-inflate the economy after prices had fallen sharply. New Deal programs included both laws passed by Congress as well as presidential executive orders during the first term of the presidency of Franklin D. Roosevelt.
The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks. The bill was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and was signed into law by President George W. Bush. It became law as part of Public Law 110-343 on October 3, 2008. It created the $700 billion Troubled Asset Relief Program (TARP), which utilized congressionally appropriated taxpayer funds to purchase toxic assets from failing banks. The funds were mostly redirected to inject capital into banks and other financial institutions while the Treasury continued to examine the usefulness of targeted asset purchases.
The Mutual Ownership Defense Housing Division of the Federal Works Agency, an agency of the United States government, operating from about 1940 to 1942 under the leadership of Colonel Lawrence Westbrook, was an attempt by the United States Government, late in the New Deal, to respond to the housing needs facing defense workers and develop housing projects for middle-income families utilizing the cooperative/mutual housing ownership concept. Under pressure by entrenched real estate interests and intense and competing resource needs caused by World War II, the Division lasted for only two years. As stated in the Second Annual Report of the Federal Works Agency:
"As a group, defense workers were also poor candidates for individual home ownership because the duration of their employment was uncertain, and because few of them had savings adequate to finance the downpayment on new homes. Recognizing these characteristics, attention was given early to some special form of housing to meet squarely the economic problem of the defense worker and one which, at the same time, might lead to an ultimate solution of the housing problems of millions of other American families of similar economic status."
The Federal Works Agency (FWA) was an independent agency of the federal government of the United States which administered a number of public construction, building maintenance, and public works relief functions and laws from 1939 to 1949. Along with the Federal Security Agency and Federal Loan Agency, it was one of three catch-all agencies of the federal government pursuant to reorganization plans authorized by the Reorganization Act of 1939, the first major, planned reorganization of the executive branch of the government of the United States since 1787.
The 2007–2008 financial crisis, or Global Financial Crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession.
The first 100 days of Franklin D. Roosevelt's presidency began on March 4, 1933, the day Franklin D. Roosevelt was inaugurated as the 32nd president of the United States. He had signaled his intention to move with unprecedented speed to address the problems facing the nation in his inaugural address, declaring: "I am prepared under my constitutional duty to recommend the measures that a stricken nation in the midst of a stricken world may require." Roosevelt's specific priorities at the outset of his presidency were getting Americans back to work, protecting their savings and creating prosperity, providing relief for the sick and elderly, and getting industry and agriculture back on their feet.
References
- ↑ "Successes and Failures of Roosevelt's "New Deal" programs". Chuck Allen. Archived from the original on 2005-01-07.
- ↑ "Info: List of US Federal Government Funding Programs". Funding-programs.idilogic.aidpage.com. 2005-06-24. Retrieved 2011-10-14.