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Glass–Steagall Legislation
The Glass–Steagall legislation describes four provisions of the United States Banking Act of 1933 separating commercial and investment banking.. Wilmarth 1990, p. 1161. The article 1933 Banking Act describes the entire law, including the legislative history of the provisions covered. As with the Glass–Steagall Act of 1932, the common name comes from the names of the Congressional sponsors, Senator Carter Glass and Representative Henry B. Steagall. The separation of commercial and investment banking prevented securities firms and investment banks from taking deposits and commercial Federal Reserve member banks from: * dealing in non-governmental securities for customers; * investing in non-investment grade securities for themselves; * underwriting or distributing non-governmental securities; * affiliating (or sharing employees) with companies involved in such activities. Starting in the early 1960s, federal banking regulators' interpretations of the Act permitted commercia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Act Of 1933
The Banking Act of 1933 () was a statute enacted by the United States Congress that established the Federal Deposit Insurance Corporation (FDIC) and imposed various other banking reforms. The entire law is often referred to as the Glass–Steagall Act, after its Congressional sponsors, Senator Carter Glass ( D) of Virginia, and Representative Henry B. Steagall (D) of Alabama. The term "Glass–Steagall Act", however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms. That limited meaning of the term is described in the article on Glass–Steagall Legislation. The Banking Act of 1933 (the 1933 Banking Act) joined two long-standing Congressional projects: #A federal system of bank deposit insurance championed by Representative Steagall #The regulation (or prohibition) of the combination of commercial and investment banking and other restricti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) 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 (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." 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 responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Kwak
James Kwak (born 1969) is an American lawyer and professor of law at the University of Connecticut School of Law. He is best known as co-founder, with Simon Johnson, in September 2008, of the economics blog "The Baseline Scenario", a commentary on developments in the global economy, law, and public policy. Career Kwak received his A.B. ''magna cum laude'' in 1990 from Harvard University and his Ph.D. on French intellectual history in 1997 from the University of California, Berkeley (1997). Kwak has worked as a consultant for McKinsey & Company and later was Director of Product Marketing at Ariba, where he led product strategy and marketing for the Platform Solutions division and the Ariba Network. He was a co-founder of Guidewire Software, an independent software vendor for the property and casualty insurance industry. After receiving his JD from Yale in 2011, he joined the faculty of the University of Connecticut School of Law in August 2011. Kwak wrote the 2017 book '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simon Johnson (economist)
Simon H. Johnson (born January 16, 1963) is a British-American economist who has served as the Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management since 2004.https://mitsloan.mit.edu/shared/ods/documents?PersonID=41226&DocID=11324 He also served as a senior fellow at the Peterson Institute for International Economics from 2008 to 2019. Before moving to MIT, he taught at Duke University's Fuqua School of Business from 1991 to 1997. From March 2007 through the end of August 2008, he served as Chief Economist of the International Monetary Fund. In 2024, Johnson, Daron Acemoglu, and James A. Robinson were awarded the Nobel Memorial Prize in Economic Sciences for their comparative studies in prosperity between nations. Education Born in 1963 in Sheffield, Johnson was privately educated at Abbotsholme School in Rocester and then went onto read Philosophy, Politics and Economics (PPE) at the University of Oxford where he was an undergraduate studen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office Of The Comptroller Of The Currency
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to corporate charter, charter, bank regulation in the United States, regulate, and supervise all National bank (United States), national banks and Federal savings association, federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The acting comptroller of the currency is Rodney E. Hood, who took office on February 10, 2025. Duties and functions Headquartered in Washington, D.C., it has four district offices located in New York City, Chicago, Dallas and Denver. It has an additional 92 operating locations throughout the United States. It is an independent Government agency, bureau of the United States Department of the Treasury and is headed by the comptroller of the currency, appointed to a five-year term by the president w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and The Travelers Companies, Travelers; Travelers was spun off from the company in 2002. Citigroup is the List of largest banks in the United States, third-largest banking institution in the United States by assets; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four (banking)#United States, Big Four banking institutions of the United States. It is considered a Systemically important financial institution, systemically important bank by the Financial Stability Board, and is commonly cited as being "too big to fail". It is one of the eight global investment banks in the Bulge Bracket. Citigroup is ranked 36th on the Fortune 500, ''Fortune'' 500, and was ranked #24 in Fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings And Loan Association
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. While the terms "S&L" and "thrift" are mainly used in the United States, similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20percent of their lend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Act Of 1935
The ''Banking Act of 1935'' passed on August 19, 1935, and was signed into law by the president, Franklin D. Roosevelt, on August 23. The Act changed the structure and power distribution in the Federal Reserve System that began with the '' Banking Act of 1933''. The Act contained three titles. Title I Title I amended section 12B of the 1933 Act with regards to the creation of the Federal Deposit Insurance Corporation (FDIC) and its duties. The board of directors of the FDIC would include the Comptroller of Currency and two members selected by the President and confirmed by the Senate. They shall hold a term of 6 years and receive an annual salary of $10,000. Title I also established the maximum insured deposit to be $5,000. FDIC The Act of 1935 made the FDIC permanent, and included the following provisions: * All accounts would be insured up to $5,000. At this time 98.5% of all deposits were under the $5,000 limit. This was a dramatic change from the initial guidelines und ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pecora Commission
The Pecora Investigation was an inquiry begun on March 4, 1932, by the United States Senate Committee on Banking and Currency to investigate the causes of the Wall Street crash of 1929. The name refers to the fourth and final chief counsel for the investigation, Ferdinand Pecora. His exposure of abusive practices in the financial industry galvanized broad public support for stricter regulations. As a result, the U.S. Congress passed the Glass–Steagall Banking Act of 1933, the Securities Act of 1933, and the Securities Exchange Act of 1934. History Following the 1929 Wall Street Crash, the U.S. economy had gone into a depression, and a large number of banks failed. The Pecora Investigation sought to uncover the causes of the financial collapse. As chief counsel, Ferdinand Pecora personally examined many high-profile witnesses, who included some of the nation's most influential bankers and stockbrokers. Among these witnesses were Richard Whitney, president of the New York Stock ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Franklin Delano Roosevelt
Franklin Delano Roosevelt (January 30, 1882April 12, 1945), also known as FDR, was the 32nd president of the United States, serving from 1933 until his death in 1945. He is the longest-serving U.S. president, and the only one to have served more than two terms. His first two terms were centered on combating the Great Depression, while his third and fourth saw him shift his focus to America's involvement in World War II. A member of the prominent Delano and Roosevelt families, Roosevelt was elected to the New York State Senate from 1911 to 1913 and was then the assistant Secretary of the Navy under President Woodrow Wilson during World War I. Roosevelt was James M. Cox's running mate on the Democratic Party's ticket in the 1920 U.S. presidential election, but Cox lost to Republican nominee Warren G. Harding. In 1921, Roosevelt contracted a paralytic illness that permanently paralyzed his legs. Partly through the encouragement of his wife, Eleanor Roosevelt, he ret ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herbert Hoover
Herbert Clark Hoover (August 10, 1874 – October 20, 1964) was the 31st president of the United States, serving from 1929 to 1933. A wealthy mining engineer before his presidency, Hoover led the wartime Commission for Relief in Belgium and was the director of the U.S. Food Administration, followed by post-war relief of Europe. As a member of the Republican Party (United States), Republican Party, he served as the third United States secretary of commerce from 1921 to 1928 before being 1928 United States presidential election, elected president in 1928. His presidency was dominated by the Great Depression, and his policies and methods to combat it were seen as lackluster. Amid his unpopularity, he decisively lost reelection to Franklin D. Roosevelt in 1932 United States presidential election, 1932. Born to a Quaker family in West Branch, Iowa, Hoover grew up in Oregon. He was one of the first graduates of the new Stanford University in 1895. Hoover took a position with a Lond ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Southern Democrats
Southern Democrats are members of the U.S. Democratic Party who reside in the Southern United States. Before the American Civil War, Southern Democrats mostly believed in Jacksonian democracy. In the 19th century, they defended slavery in the United States and promoted its expansion into the Western United States against the Free Soil opposition in the Northern United States. The United States presidential election of 1860 formalized the split in the Democratic Party and brought about the American Civil War. After the Reconstruction Era ended in the late 1870s, so-called redeemers were Southern Democrats who controlled all the southern states and disenfranchised African-Americans. The monopoly that the Democratic Party held over most of the South showed signs of breaking apart in 1948, when many white Southern Democrats—upset by the policies of desegregation enacted during the administration of Democratic President Harry Truman—created the States Rights Democratic P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
