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Office Of Financial Research
The Office of Financial Research (OFR) is an independent bureau reporting to the United States Department of the Treasury. It was established by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the 2008 financial crisis and the Great Recession. The OFR is tasked with (1) collecting and standardizing data, (2) performing applied research and essential long-term research; and (3) developing risk measurement and monitoring tools. The OFR is also responsible for providing support to the Financial Stability Oversight Council (FSOC). Director The director of the Office of Financial Research is appointed for a six-year term. Under the Trump presidency, the agency became less independent when the director was made subordinate to the secretary of the Treasury. The director, in consultation with the chairman of the FSOC (who is the secretary of the Treasury) proposes the OFR annual budget. The director may set salar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Symbols Of The United States Department Of The Treasury
Symbols of the United States Department of the Treasury include the Flag of the Treasury Department and the U.S. Treasury Seal. The original seal actually predates the department itself, having originated with the Board of Treasury during the period of the Articles of Confederation. The seal is used on all U.S. paper currency, and (like other departmental seals) on official Treasury documents. The seal includes a Chevron (insignia), chevron with thirteen stars, representing the original thirteen states. Above the chevron is a balance, representing justice. The key below the chevron represents authority and trust. The phrase THE DEPARTMENT OF THE TREASURY is around the rim, and 1789 (the year the department was established) is at the bottom. This inscription is in a Cheltanham Bold font. Seal History In 1778, the Second Continental Congress named John Witherspoon, Gouverneur Morris and Richard Henry Lee to design seals for the Treasury and the Navy. The committee reported o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Smart Contract
A smart contract is a computer program or a Transaction Protocol Data Unit, transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions. Smart contracts are commonly associated with cryptocurrency , cryptocurrencies, and the smart contracts introduced by Ethereum are generally considered a fundamental building block for decentralized finance (DeFi) and non-fungible token (NFT) applications. The original Ethereum white paper by Vitalik Buterin in 2014 describes the Bitcoin protocol as a weak version of the smart contract concept as originally defined by Nick Szabo, and proposed a stronger version based on the Solidity language, which is Turing complete. Since then, various cryptocurrencies have suppo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Systemic Risk Council
The Systemic Risk Council was formed in 2012 by The Pew Charitable Trusts and CFA Institute to help ensure the effective implementation of the Dodd–Frank Wall Street Reform and Consumer Protection Act and related measures related to mitigating systemic risk. Charter ''“This new council is composed of experts with a thorough understanding of the issues, and we are pleased to support their efforts to find nonpartisan and independent recommendations. The reforms to our nation’s financial system enacted by Congress and signed by the president in 2010 were an important first step. The task now is to implement these reforms, especially those related to systemic risk.”'' Rebecca W. Rimel, president and CEO of The Pew Charitable Trusts * ''“Despite the magnitude of the financial crisis, prospects for major reform of regulatory systems are inadequate and vague ”'' John D. Rogers, president of the CFA Institute *''“The great challenge is to devise a system to identify risks th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroprudential Regulation
Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole (or "systemic risk"). After the 2008 financial crisis, there has been a growing consensus among policymakers and economic researchers about the need to re-orient the regulatory framework towards a macroprudential perspective. History As documented by Clement (2010), the term "macroprudential" was first used in the late 1970s in unpublished documents of the Cooke Committee (the precursor of the Basel Committee on Banking Supervision) and the Bank of England. But only in the early 2000s—after two decades of recurrent financial crises in industrial and, most often, emerging market countries—did the macroprudential approach to the regulatory and supervisory framework become increasingly promoted, especially by authorities of the Bank for International Settlements. A wider agreement on its relevance was reached after the 2008 financial crisis. Object ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title 12 Of The Code Of Federal Regulations
CFR Title 12 – Banks and Banking is one of 50 titles composing the United States Code of Federal Regulations In the law of the United States, the ''Code of Federal Regulations'' (''CFR'') is the codification of the general and permanent regulatory law, regulations promulgated by the executive departments and agencies of the federal government of the ... (CFR) and contains the principal set of rules and regulations issued by federal agencies regarding banks and banking. It is available in digital and printed form and can be referenced online using thElectronic Code of Federal Regulations(e-CFR). Structure The table of contents, as reflected in the e-CFR updated March 5, 2014, is as follows: References 12 {{US-law-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wall Street Reform
Wall Street reforms are reforms or regulations of the financial industry in the United States. Wall Street is the home of the country's two largest stock exchanges, and "Wall Street" is a metonym for the United States financial sector. Major historical Wall Street reform bills include the Federal Reserve Act of 1913, the Glass-Steagall Act of 1933, the Truth in Lending Act of 1968, the Community Reinvestment Act of 1977, the Gramm–Leach–Bliley Act of 1999, and the Sarbanes-Oxley Act of 2002. On July 22, 2010, the most recent Wall Street reform bill, the Dodd–Frank Wall Street Reform and Consumer Protection Act, was signed by President of the United States Barack Obama, after the 2008 financial crisis. The Glass–Steagall Act of 1933 The Glass–Steagall Act of 1933 placed a "wall of separation" between banks and brokerages, which was largely repealed by the Financial Services Modernization Act of 1999. The bill was enacted during the Great Depression, which began with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subprime Mortgage Crisis Solutions Debate
The Subprime mortgage crisis solutions debate discusses various actions and proposals by economists, government officials, journalists, and business leaders to address the subprime mortgage crisis and broader 2008 financial crisis. Overview The debate concerns both immediate responses to the ongoing subprime mortgage crisis, as well as long-term reforms to the global financial system. During 2008–2009, solutions focused on support for ailing financial institutions and economies. During 2010, debate continued regarding the nature of reform. Key points include: the split-up of large banks; whether depository banks and investment banks should be separated; whether banks should be able to make risky trades on their own accounts; how to wind-down large investment banks and other non-depository financial institutions without taxpayer impact; the extent of financial cushions that each institution should maintain (leverage restrictions); the creation of a consumer protection agency for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regulatory Responses To The Subprime Crisis
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For example: * in government, typically regulation (or its plural) refers to the delegated legislation which is adopted to enforce primary legislation; including land-use regulation * in economy: regulatory economics * in finance: financial regulation * in business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and, * in biology, gene regulation and metabolic regulation allow living organisms to adapt to their environment and maintain homeostasis; * in psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals. Forms Regulation in the social, politica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Service
The civil service is a collective term for a sector of government composed mainly of career civil service personnel hired rather than elected, whose institutional tenure typically survives transitions of political leadership. A civil service official, also known as a public servant or public employee, is a person employed in the public sector by a government department or agency for public sector undertakings. Civil servants work for central and local governments, and answer to the government, not a political party. The extent of civil servants of a state as part of the "civil service" varies from country to country. In the United Kingdom (UK), for instance, only The Crown, Crown (national government) employees are referred to as "civil servants" whereas employees of local authorities (counties, cities and similar administrations) are generally referred to as "local government officers", who are considered public servants but not civil servants. Thus, in the UK, a civil servant is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ASC X9
__FORCETOC__ The Accredited Standards Committee X9 (ASC X9, Inc.) is an ANSI (American National Standards Institute) accredited standards developing organization, responsible for developing voluntary open consensus standards for the financial services industry in the U.S. ASC X9 is the USA Technical Advisory Group (TAG) to the International Technical Committee on Financial Services ISO/TC 68 under the International Organization for Standardization (ISO), of Geneva, Switzerland, and submits X9 American National Standards to the international committee to be considered for adoption as international standards or ISO standards.https://share.ansi.org/Shared%20Documents/Standards%20Activities/International%20Standardization/ISO/US%20TAGs%20to%20ISO/ISOTAG_March2017.pdf , Page 41, List of SDOs that operate TAGS for ANSI Membership in ASC X9 is open to all U.S. domiciled companies and organizations in the financial services industry. Domestic Role The Accredited Standards Committee X9 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Information EXchange
The Financial Information eXchange (FIX) protocol is an electronic communications protocol initiated in 1992 for international real-time exchange of information related to securities transactions and markets. With trillions of dollars traded annually on the NASDAQ alone, financial service entities are employing direct market access (DMA) to increase their speed to financial markets. Managing the delivery of trading applications and keeping latency low increasingly requires an understanding of the FIX protocol. History The FIX protocol specification was originally authored in 1992 by Robert "Bob" Lamoureux and Chris Morstatt to enable electronic communication of equity trading data between Fidelity Investments and Salomon Brothers. FIX initially addressed information between broker-dealers and their institutional clients. At the time, this information was communicated verbally over the telephone. Fidelity realized that information from their broker-dealers could be routed to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decentralized Finance
Decentralized finance (often stylized as DeFi) provides financial instruments and services through smart contracts on a programmable, permissionless blockchain. This approach reduces the need for intermediaries such as brokerages, exchanges, or banks. DeFi platforms enable users to lend or borrow funds, speculate on asset price movements using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. The DeFi ecosystem is built on a layered architecture and highly composable building blocks. While some applications offer high interest rates, they carry high risks. Coding errors and hacks are a common challenge in DeFi. DeFi protocols exhibit varying degrees of decentralization, with truly decentralized protocols potentially acting as neutral infrastructure, while false decentralization leaves protocols open to manipulation and fraud or to being regulated as financial intermediaries. History Decentralized exchanges (abbreviated DEXs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
