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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 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 United States Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, has jurisdiction over matters related to banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes, currency and coinage, public and private housing, urban development, mass transit and government contracts.
The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking and housing industries. The Financial Services Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission and other financial services regulators.
Ronald Jason Klein is an American politician and lawyer who is a former member of the United States House of Representatives for Florida's 22nd congressional district. He is a member of the Democratic Party and chairs the Jewish Democratic Council of America. He previously served in the Florida House of Representatives and the Florida Senate. He is currently employed by the law firm Holland & Knight.
The Financial Consumer Agency of Canada (FCAC) is an agency of the Government of Canada that enforces consumer protection legislation, regulations and industry commitments by federally regulated financial entities. It also provides programs and information to help consumers understand their rights and responsibilities when dealing with financial institutions and promotes financial literacy.
The Senate Banking Subcommittee on Financial Institutions and Consumer Protection is one of five subcommittees within the Senate Committee on Banking, Housing, and Urban Affairs.
The Senate Foreign Relations Subcommittee on International Development, Multilateral Institutions, and International Economic, Energy and Environmental Policy is one of seven subcommittees of the Senate Foreign Relations Committee.
The U.S. House Financial Services Subcommittee on Domestic and International Monetary Policy, Trade, and Technology was a subcommittee of the House Committee on Financial Services. In the 111th Congress it was split into two subcommittees: Domestic Monetary Policy and Technology, and International Monetary Policy and Trade.
The Financial Supervisory Service (FSS) is South Korea's integrated financial regulator that examines and supervises financial institutions under the broad oversight of the Financial Services Commission (FSC), the government regulatory authority staffed by civil servants.
The U.S. House Financial Services Subcommittee on Domestic Monetary Policy and Technology was a subcommittee of the House Committee on Financial Services. The committee was formerly part of the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology until the 111th Congress, when a separate Subcommittee on International Monetary Policy and Trade was created.
The United States House Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions is a subcommittee of the House Committee on Financial Services. It was formerly part of the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology until the 111th Congress, when a separate Subcommittee on Domestic Monetary Policy and Technology was created. In the 113th Congress, the two subcommittees' jurisdictions were again merged, but domestic monetary policy was again removed from its jurisdiction at the start of the 118th Congress.
William Patrick Huizenga is an American politician serving as the U.S. representative for Michigan's 4th congressional district, serving in Congress since 2011. The district, numbered as the 2nd district from 2011 to 2023, covers much of the southwestern corner of the state, including Kalamazoo, Holland and Battle Creek.
The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Recession, and it made changes affecting all federal financial regulatory agencies and almost every part of the nation's financial services industry.
Michael S. Barr is an American legal scholar who has been serving as second vice chair of the Federal Reserve for supervision since 2022. From 2009 to 2011, he was assistant secretary of the treasury for financial institutions under President Barack Obama. At the University of Michigan, he has been serving as faculty member since 2001, professor of law since 2006, professor of public policy since 2014.
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.
Barry Dean Loudermilk is an American politician from the state of Georgia who has been the U.S. representative from Georgia's 11th congressional district since 2015. The district covers a large slice of Atlanta's northern suburbs, including Marietta, Acworth and Smyrna, and a sliver of Atlanta itself.
The CFPB Rural Designation Petition and Correction Act is a bill that would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to direct the Consumer Financial Protection Bureau (CFPB) to establish an application process that would allow a person to get their county designated as "rural" for purposes of a federal consumer financial law. One practical effect of having a county designated "rural" is that people can qualify for some types of mortgages by getting them exempted from the CFPB's qualified mortgage rule.
Frank Dean Lucas is an American politician serving as the U.S. representative for Oklahoma's 3rd congressional district since 2003, having previously represented the 6th district from 1994 to 2003. A member of the Republican Party, Lucas has chaired the House Committee on Science, Space and Technology since 2023. His district, numbered as the 6th from 1994 to 2003, is Oklahoma's largest congressional district and one of the largest in the nation that does not cover an entire state. It covers 34,088.49 square miles and stretches from the Panhandle to the fringes of the Tulsa suburbs, covering almost half of the state's land mass. Lucas is the dean of Oklahoma's congressional delegation.
Financial CHOICE Act is a bill introduced to the 115th United States Congress in 2017 that would, if enacted, roll back "many of the protections in the landmark Dodd-Frank 2010 federal law, including the "strongest" Wall Street "regulations from the financial crisis. The legislation passed the House 233–186 on June 8, 2017. The 600-page legislation was crafted by Congressman Jeb Hensarling (R-TX), chair of the House Financial Services Committee.
References
- ↑ "Subcommittee on Financial Institutions and Monetary Policy". House Financial Services Committee. U.S. House of Representatives. Retrieved March 20, 2023.
