Gary Stern | |
---|---|
11th President of the Federal Reserve Bank of Minneapolis | |
In office March 16, 1985 –September 1, 2009 | |
Preceded by | E. Gerald Corrigan |
Succeeded by | Narayana Kocherlakota |
Personal details | |
Born | San Luis Obispo,California,U.S. | November 3,1944
Education | Washington University (BA) Rice University (MA,PhD) |
Gary Hilton Stern [1] (born November 3,1944) is an American economist and banker. On March 16,1985,he took office as the eleventh chief executive of the Federal Reserve Bank of Minneapolis,and retired from the position on September 1,2009. [2]
Stern was born in San Luis Obispo,California. He holds an A.B. in economics from Washington University in St. Louis,and a Ph.D. in economics from Rice University,Houston.
Stern joined the Federal Reserve Bank of Minneapolis in January 1982 as senior vice president and director of research. In August 1983,he was given the additional responsibility of serving as the Bank's chief financial officer. Before joining the Minneapolis Bank,Stern was a partner in a New York-based economic consulting firm. He has also served on the faculties of Columbia University,Washington University,and New York University. Stern's previous experience includes seven years at the Federal Reserve Bank of New York,where his last assignment was as manager of the domestic research department.
Stern is chairman of the board of directors of the National Council on Economic Education and of the Northwest Area Foundation,and he serves on the board of trustees of Hamline University and of the Minneapolis College of Art and Design. He also serves on the board of the Carlson School of Management at the University of Minnesota,and he is the treasurer of the Minneapolis Club.
In 2004 Stern co-authored with Ron J. Feldman Too Big to Fail –The Hazards of Bank Bailouts with the foreword written by Paul A. Volcker. [3]
The Glass–Steagall legislation describes four provisions of the United States Banking Act of 1933 separating commercial and investment banking. The article 1933 Banking Act describes the entire law,including the legislative history of the provisions covered herein.
In economics,a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk. For example,when a corporation is insured,it may take on higher risk knowing that its insurance will pay the associated costs. A moral hazard may occur where the actions of the risk-taking party change to the detriment of the cost-bearing party after a financial transaction has taken place.
George William Miller was an American businessman and investment banker who served as the 65th United States secretary of the treasury from 1979 to 1981. A member of the Democratic Party,he also served as the 11th chairman of the Federal Reserve from 1978 to 1979. Miller was the first person to hold both of those posts.
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The Emergency Economic Stabilization Act of 2008,often called the "bank bailout of 2008" or the "Wall Street bailout",was proposed by Treasury Secretary Henry Paulson,passed by the 110th United States Congress,and signed into law by President George W. Bush. It became law as part of Public Law 110-343 on October 3,2008,in the midst of the financial crisis of 2007–2008. It created the $700 billion Troubled Asset Relief Program (TARP) to purchase toxic assets from 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.
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Kenneth C. Froewiss was a Clinical Professor of Finance at the New York University Stern School of Business,and specialized investment banking,mergers and acquisitions,and corporate governance. Professor Froewiss also taught for the TRIUM Global Executive MBA Program,an alliance of NYU Stern,the London School of Economics and HEC School of Management,and served as Academic Director of Executive Programs at NYU Stern.
End the Fed is a 2009 book by Congressman Ron Paul of Texas. The book debuted at number six on the New York Times Best Seller list and advocates the abolition of the United States Federal Reserve System "because it is immoral,unconstitutional,impractical,promotes bad economics,and undermines liberty." The book argues that the booms,bubbles and busts of the business cycle are caused by the Federal Reserve's actions.
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