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The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States.
The chairman 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 chairman presides at meetings of the Board.
The Reserve Bank of New Zealand (RBNZ) is the central bank of New Zealand. It was established in 1934 and is currently constituted under the Reserve Bank of New Zealand Act 2021. The governor of the Reserve Bank, currently Adrian Orr, is responsible for New Zealand's currency and operating monetary policy.
A military discharge is given when a member of the armed forces is released from their obligation to serve. Each country's military has different types of discharge. They are generally based on whether the persons completed their training and then fully and satisfactorily completed their term of service. Other types of discharge are based on factors such as the quality of their service, whether their service had to be ended prematurely due to humanitarian or medical reasons, whether they had been found to have drug or alcohol dependency issues and whether they were complying with treatment and counseling, and whether they had demerits or punishments for infractions or were convicted of any crimes. These factors affect whether they will be asked or allowed to re-enlist and whether they qualify for benefits after their discharge.
John Worth Kern was a Democratic United States Senator from Indiana. While the title was not official, he is considered to be the first Senate majority leader, while serving concurrently as chairman of the Senate Democratic Caucus. He was also the Democratic vice presidential nominee in the 1908 presidential election.
Proposition 59 was an amendment of the Constitution of California that introduced freedom of information or "sunshine" provisions. It was proposed by the California Legislature and overwhelmingly approved by the voters in an initiative held as part of the November 2004 elections.
Auxiliary police, also called volunteer police, reserve police, assistant police, civil guards, or special police, are usually the part-time reserves of a regular police force. They may be unpaid volunteers or paid members of the police service with which they are affiliated; There is no consistent international definition.
The National Guard Bureau is the federal agency responsible for the administration of the National Guard established by the United States Congress as a joint bureau of the Department of the Army and the Department of the Air Force. It was created by the Militia Act of 1903. The National Defense Authorization Act for Fiscal Year 2008, elevated the National Guard to a joint function of the Department of Defense. The 2007 NDAA, from the previous year, elevated the chief of the National Guard Bureau from a lieutenant general to a four-star general.
The New Freedom was Woodrow Wilson's campaign platform in the 1912 presidential election, and also refers to the progressive programs enacted by Wilson during his time as president. First expressed in his campaign speeches and promises, Wilson later wrote a 1913 book of the same name. After the 1918 midterm elections, Republicans took control of Congress and were mostly hostile to the New Freedom. As president, Wilson focused on various types of reform, such as the following:
- Tariff reform: This came through the passage of the Underwood Tariff Act of 1913, which lowered tariffs for the first time since 1857 and went against the protectionist lobby.
- Labor reform: This was achieved through measures such as the Eight Hour Law for Women of the District of Columbia, the Seaman’s Act, Workmen’s Compensation for Federal employees, the Federal Child Labor Bill, and the Adamson Act. During the 1912 campaign Wilson spoke in support of workers organizing into unions while endorsing "the betterment of men in this occupation and the other, the protection of women, the shielding of children, the bringing about of social justice.”
- Business reform: This was established through the passage of the Federal Trade Commission Act of 1914, which established the Federal Trade Commission to investigate and halt unfair and illegal business practices by issuing "cease and desist" orders, and the Clayton Antitrust Act.
- Agricultural reform: This was achieved through measures such as the Cotton Futures and Smith-Lever Acts of 1914, the Grain Standards and Warehouse Acts of 1916, and the Smith-Hughes Act of 1917.
- Banking reform: This came in 1913 through the creation of the Federal Reserve System and in 1916 through the passage of the Federal Farm Loan Act, which set up Farm Loan Banks to support farmers.
The 64th United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, D.C., from March 4, 1915, to March 4, 1917, during the third and fourth years of Woodrow Wilson's presidency. The apportionment of seats in the House of Representatives was based on the 1910 United States census.
The 63rd United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, D.C. from March 4, 1913, to March 4, 1915, during the first two years of Woodrow Wilson's presidency. The apportionment of seats in the House of Representatives was based on the 1910 United States census.
The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, each containing numerous sections. Title III: International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 is actually an act of Congress in its own right as well as being a title of the USA PATRIOT Act, and is intended to facilitate the prevention, detection and prosecution of international money laundering and the financing of terrorism. The title's sections primarily amend portions of the Money Laundering Control Act of 1986 and the Bank Secrecy Act of 1970.
The Expedited Funds Availability Act was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions' use of deposit holds. It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act. The law is codified in Title 12, Chapter 41 of the US Code and Title 12, Part 229 of the Code of Federal Regulations.
The National Defense Act of 1916, Pub. L.Tooltip Public Law 64–85, 39 Stat. 166, enacted June 3, 1916, was a United States federal law that updated the Militia Act of 1903, which related to the organization of the military, particularly the National Guard. The principal change of the act was to supersede provisions as to exemptions. The 1916 act included an expansion of the Army and the National Guard, the creation of an Officers' and an Enlisted Reserve Corps, and the creation of a Reserve Officers' Training Corps. The President was also given expanded authority to federalize the National Guard, with changes to the duration and the circumstances under which he could call it up. The Army began the creation of an Aviation arm, and the federal government took steps to ensure the immediate availability of wartime weapons and equipment by contracting in advance for production of gunpowder and other material.
The Pujo Committee was a United States congressional subcommittee in 1912–1913 that was formed to investigate the so-called "money trust", a community of Wall Street bankers and financiers that exerted powerful control over the nation's finances. After a resolution introduced by congressman Charles Lindbergh Sr. for a probe on Wall Street power, congressman Arsène Pujo of Louisiana was authorized to form a subcommittee of the House Committee on Banking and Currency. In 1913–1914, the findings inspired public support for ratification of the Sixteenth Amendment that authorized a federal income tax, passage of the Federal Reserve Act, and passage of the Clayton Antitrust Act.
Bank regulation in the United States is highly fragmented compared with other G10 countries, where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. Depending on the type of charter a banking organization has and on its organizational structure, it may be subject to numerous federal and state banking regulations. Apart from the bank regulatory agencies the U.S. maintains separate securities, commodities, and insurance regulatory agencies at the federal and state level, unlike Japan and the United Kingdom. Bank examiners are generally employed to supervise banks and to ensure compliance with regulations.
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 National Defense Act of 1920 was sponsored by United States Representative Julius Kahn, Republican of California. This legislation updated the National Defense Act of 1916 to reorganize the United States Army and decentralize the procurement and acquisitions process for equipment, weapons, supplies and vehicles. It was passed by Congress on June 4, 1920.
The Federal Reserve Reform Act of 1977 enacted a number of reforms to the Federal Reserve, making it more accountable for its actions on monetary and fiscal policy and tasking it with the goal to "promote maximum employment, production, and price stability". The act explicitly established price stability as a national policy goal for the first time. It also required quarterly reports to Congress "concerning the ranges of monetary and credit aggregates for the upcoming 12 months." It also modified the selection of the Class B and C Reserve Bank Directors. Discrimination on the basis of race, creed, color, sex, or national origin was prohibited, and the composition of the directors was required to represent interests of "agriculture, commerce, industry, services, labor and consumers". The Federal Reserve Act, which created the Federal Reserve in 1913, made no mention of services, labor, and consumers. Finally, the act established Senate confirmation of chairmen and vice chairmen of the Board of Governors of the Federal Reserve. The Federal Reserve Reform Act made the Federal Reserve more transparent to Congressional oversight.
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.
References
- ↑ "RULES ON CLAYTON ACT". The New York Times. 12 July 1916. p. 16. Retrieved 7 August 2024.
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