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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.
The subcommittee's jurisdiction includes domestic monetary policy, and agencies which directly or indirectly affect domestic monetary policy; multilateral development institutions such as the World Bank; coins and currency, including operations of the United States Mint and the Bureau of Engraving and Printing; and international trade and finance including all matters pertaining to the International Monetary Fund and the Export-Import Bank of the United States.
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A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$)) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes.
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 global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.
The Committee on Ways and Means is the chief tax-writing committee of the United States House of Representatives. The committee has jurisdiction over all taxation, tariffs, and other revenue-raising measures, as well as a number of other programs including Social Security, unemployment benefits, Medicare, the enforcement of child support laws, Temporary Assistance for Needy Families, foster care, and adoption programs. Members of the Ways and Means Committee are not allowed to serve on any other House Committee unless they are granted a waiver from their party's congressional leadership. It has long been regarded as the most prestigious committee of the House of Representatives.
The United States Senate Committee on Finance is a standing committee of the United States Senate. The Committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods. It is considered to be one of the most powerful committees in Congress.
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.
The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, or The Group of 24 (G-24) was established in 1971 as a chapter of the Group of 77 in order to help coordinate the positions of developing countries on international monetary and development finance issues, as well as and to ensure that their interests are adequately represented in negotiations on international monetary matters. Though originally named after the number of founding Member States, it now has 28 Members. Although the G-24 officially has 28 member countries, any member of the G-77 can join discussions.
The main elements of Japan's financial system are much the same as those of other major industrialized nations: a commercial banking system, which accepts deposits, extends loans to businesses, and deals in foreign exchange; specialized government-owned financial institutions, which fund various sectors of the domestic economy; securities companies, which provide brokerage services, underwrite corporate and government securities, and deal in securities markets; capital markets, which offer the means to finance public and private debt and to sell residual corporate ownership; and money markets, which offer banks a source of liquidity and provide the Bank of Japan with a tool to implement monetary policy.
A financial centre (BE), financial center (AE), or financial hub, is a location with a concentration of participants in banking, asset management, insurance or financial markets with venues and supporting services for these activities to take place. Participants can include financial intermediaries, institutional investors, and issuers. Trading activity can take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres usually host companies that offer a wide range of financial services, for example relating to mergers and acquisitions, public offerings, or corporate actions; or which participate in other areas of finance, such as private equity, hedge funds, and reinsurance. Ancillary financial services include rating agencies, as well as provision of related professional services, particularly legal advice and accounting services.
The Senate Banking Subcommittee on National Security and International Trade and Finance 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 United States House Financial Services Subcommittee on Financial Institutions and Monetary Policy is a subcommittee of the House Committee on Financial Services. Jurisdiction over domestic monetary policy was transferred to it at the start of the 118th Congress, before which the subcommittee was known as the Subcommittee on Consumer Protection and Financial Institutions.
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 U.S. House Financial Services Subcommittee on Domestic Monetary Policy and Technology is 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 Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies, FSF members, and the European Commission. Hosted and funded by the Bank for International Settlements, the board is based in Basel, Switzerland, and is established as a not-for-profit association under Swiss law.
Geoffrey William Seiji Okamoto is an American economist and government official who served as first deputy managing director of the International Monetary Fund. Okamoto previously served as the acting assistant secretary for international finance and development in the United States Department of the Treasury. He was nominated for this position on January 1, 2019, by the White House and was never confirmed by the United States Congress. He previously served as acting assistant secretary for international markets and investment, for which he was also not confirmed.
The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion is a subcommittee of the House Committee on Financial Services. The Subcommittee on Diversity and Inclusion was created for the 116th United States Congress by Chairwoman Maxine Waters. However, under Republican control during the 118th Congress, the subcommittee expanded its focus to include digital financing, including cryptocurrency.