239 relations: Agency debt, Alan Greenspan, Aldrich–Vreeland Act, Alexander Hamilton, American International Group, American Revolutionary War, Andrew Jackson, Arutz Sheva, Balance sheet, Bank holding company, Bank Holding Company Act, Bank of Canada, Bank of England, Bank of Hawaii, Bank of North America, Bank regulation, Bank reserves, Bank run, Bankers Trust, Barack Obama, Basis point, Beige Book, Bipartisan Policy Center, Bloomberg L.P., Bloomberg L.P. v. Board of Governors of the Federal Reserve System, Board of directors, Bureau of Engraving and Printing, Bureau of Labor Statistics, Central bank, Central bank liquidity swap, Certificate of deposit, Chair of the Federal Reserve, Charles L. Evans, Chicago plan, Clearing (finance), Clearing balance requirement, CNNMoney, Coins of the United States dollar, Collateral (finance), Commercial paper, Commercial Paper Funding Facility, Congress of the Confederation, Congressional Research Service, Conspiracy theory, Consumer leverage ratio, Consumer protection, Core inflation, Council of Economic Advisers, Currency, Daniel Tarullo, ..., David Vitter, Deflation, Democratic Party (United States), Depository institution, Depository Institutions Deregulation and Monetary Control Act, Depression (economics), Dillon, Read & Co., Discount window, Dividend, Dodd–Frank Wall Street Reform and Consumer Protection Act, Donald Kohn, Dot-com bubble, Early American currency, Eccles Building, Edge Act, Elasticity (economics), Emergency Economic Stabilization Act of 2008, Employment Act of 1946, Equal Credit Opportunity Act, Eric S. Rosengren, Esther George, Eurodollar, European Central Bank, Eustace Mullins, Excess reserves, Farm Credit System, Fed model, Federal Deposit Insurance Corporation, Federal Deposit Insurance Corporation Improvement Act of 1991, Federal funds, Federal funds rate, Federal Home Loan Banks, Federal Open Market Committee, Federal Reserve Act, Federal Reserve Bank, Federal Reserve Bank of Atlanta, Federal Reserve Bank of Boston, Federal Reserve Bank of Chicago, Federal Reserve Bank of Cleveland, Federal Reserve Bank of Dallas, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of New York, Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Richmond, Federal Reserve Bank of San Francisco, Federal Reserve Bank of St. Louis, Federal Reserve Board of Governors, Federal Reserve Bulletin, Federal Reserve Deposits, Federal Reserve Economic Data, Federal Reserve Note, Federal Reserve Police, Federal Reserve Reform Act of 1977, Federal Reserve Statistical Release, Federal Reserve System, Federal Reserve Transparency Act, Federal Tort Claims Act, Fedwire, Financial crisis, Financial crisis of 2007–2008, Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Financial market, First Bank of the United States, Fiscal year, Fractional-reserve banking, Free banking, George H. W. Bush, George W. Bush, George Washington, Glass–Steagall legislation, Gold standard, Government Accountability Office, Government debt, Gramm–Leach–Bliley Act, Great Depression, Great Recession, Greenspan put, Gross domestic product, HarperCollins, Harvard University, History of central banking in the United States, History of Federal Open Market Committee actions, Home Mortgage Disclosure Act, Humphrey–Hawkins Full Employment Act, Independent agencies of the United States government, Independent Treasury, Inflation, Inflation targeting, Interbank lending market, Interest rate, International Banking Act of 1978, J. P. Morgan, James B. Bullard, James Madison, Jekyll Island, Jeremy C. Stein, Jerome Powell, John C. Williams (economist), John D. Rockefeller Jr., Kathryn M. Dominguez, Kevin Warsh, Lael Brainard, Laurence Meyer, Lawrence H. White, Legal Tender Cases, Lender of last resort, Liquidity trap, List of economic reports by U.S. government agencies, Loretta J. Mester, Louisiana, Maiden Lane Transactions, Mainstream economics, MarketWatch, Milton Friedman, Mises Institute, Monetary authority, Monetary policy, Money market, Money market account, Money supply, National Bank Act, National Income and Product Accounts, National Monetary Commission, Neel Kashkari, Nelson W. Aldrich, Office of the Comptroller of the Currency, Open market operation, Panic of 1873, Panic of 1893, Panic of 1907, Patrick T. Harker, Paul Volcker, Paul Warburg, Personal consumption expenditures price index, Peter Diamond, President of the United States, Primary dealer, Primary Dealer Credit Facility, Prime rate, Privatization, Raphael Bostic, Recession, Republican Party (United States), Repurchase agreement, Reserve requirement, Richard Clarida, Robert Latham Owen, Robert Steven Kaplan, Savings account, Second Bank of the United States, Securities market participants (United States), Stanley Fischer, State bank, Subprime mortgage crisis, Supreme Court of the United States, Swiss National Bank, Systemic risk, Term Asset-Backed Securities Loan Facility, Term auction facility, Term Securities Lending Facility, The Carlyle Group, Thomas Jefferson, Title 12 of the Code of Federal Regulations, Transaction account, Troubled Asset Relief Program, Truth in Lending Act, U.S. Producer Price Index, United States, United States Bullion Depository, United States Congress, United States congressional committee, United States Consumer Price Index, United States Court of Appeals for the Ninth Circuit, United States Court of Appeals for the Second Circuit, United States Department of the Treasury, United States dollar, United States housing bubble, United States Mint, United States Secretary of the Treasury, United States Senate, United States Treasury security, University of Michigan, Washington, D.C., William C. Dudley, William Greider, Woodrow Wilson, 1951 Accord, 1997 Asian financial crisis. Expand index (189 more) » « Shrink index
Agency debt also known as an Agency bond is a security, usually a bond, issued by a U.S. government-sponsored agency or federal budget agency.
Alan Greenspan (born March 6, 1926) is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006.
The Aldrich–Vreeland Act was passed in response to the Panic of 1907 and established the National Monetary Commission, which recommended the Federal Reserve Act of 1913.
Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was a statesman and one of the Founding Fathers of the United States.
American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.
The American Revolutionary War (17751783), also known as the American War of Independence, was a global war that began as a conflict between Great Britain and its Thirteen Colonies which declared independence as the United States of America. After 1765, growing philosophical and political differences strained the relationship between Great Britain and its colonies. Patriot protests against taxation without representation followed the Stamp Act and escalated into boycotts, which culminated in 1773 with the Sons of Liberty destroying a shipment of tea in Boston Harbor. Britain responded by closing Boston Harbor and passing a series of punitive measures against Massachusetts Bay Colony. Massachusetts colonists responded with the Suffolk Resolves, and they established a shadow government which wrested control of the countryside from the Crown. Twelve colonies formed a Continental Congress to coordinate their resistance, establishing committees and conventions that effectively seized power. British attempts to disarm the Massachusetts militia at Concord, Massachusetts in April 1775 led to open combat. Militia forces then besieged Boston, forcing a British evacuation in March 1776, and Congress appointed George Washington to command the Continental Army. Concurrently, an American attempt to invade Quebec and raise rebellion against the British failed decisively. On July 2, 1776, the Continental Congress voted for independence, issuing its declaration on July 4. Sir William Howe launched a British counter-offensive, capturing New York City and leaving American morale at a low ebb. However, victories at Trenton and Princeton restored American confidence. In 1777, the British launched an invasion from Quebec under John Burgoyne, intending to isolate the New England Colonies. Instead of assisting this effort, Howe took his army on a separate campaign against Philadelphia, and Burgoyne was decisively defeated at Saratoga in October 1777. Burgoyne's defeat had drastic consequences. France formally allied with the Americans and entered the war in 1778, and Spain joined the war the following year as an ally of France but not as an ally of the United States. In 1780, the Kingdom of Mysore attacked the British in India, and tensions between Great Britain and the Netherlands erupted into open war. In North America, the British mounted a "Southern strategy" led by Charles Cornwallis which hinged upon a Loyalist uprising, but too few came forward. Cornwallis suffered reversals at King's Mountain and Cowpens. He retreated to Yorktown, Virginia, intending an evacuation, but a decisive French naval victory deprived him of an escape. A Franco-American army led by the Comte de Rochambeau and Washington then besieged Cornwallis' army and, with no sign of relief, he surrendered in October 1781. Whigs in Britain had long opposed the pro-war Tories in Parliament, and the surrender gave them the upper hand. In early 1782, Parliament voted to end all offensive operations in North America, but the war continued in Europe and India. Britain remained under siege in Gibraltar but scored a major victory over the French navy. On September 3, 1783, the belligerent parties signed the Treaty of Paris in which Great Britain agreed to recognize the sovereignty of the United States and formally end the war. French involvement had proven decisive,Brooks, Richard (editor). Atlas of World Military History. HarperCollins, 2000, p. 101 "Washington's success in keeping the army together deprived the British of victory, but French intervention won the war." but France made few gains and incurred crippling debts. Spain made some minor territorial gains but failed in its primary aim of recovering Gibraltar. The Dutch were defeated on all counts and were compelled to cede territory to Great Britain. In India, the war against Mysore and its allies concluded in 1784 without any territorial changes.
Andrew Jackson (March 15, 1767 – June 8, 1845) was an American soldier and statesman who served as the seventh President of the United States from 1829 to 1837.
Arutz Sheva (lit), also known in English as Israel National News, is an Israeli media network identifying with Religious Zionism.
In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.
A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself.
The Bank Holding Company Act of 1956 (et seq.) is a United States Act of Congress that regulates the actions of bank holding companies.
The Bank of Canada (or BoC) (Banque du Canada) is Canada's central bank.
The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom of Great Britain and Northern Ireland and the model on which most modern central banks have been based.
The Bank of Hawaii Corporation (BOH) is a regional commercial bank headquartered in Honolulu, Hawaii.
The President, Directors, and Company, of the Bank of North America, commonly known as the Bank of North America, was a private bank first adopted on May 26, 1781 by the Confederation Congress, chartered on December 31, 1781 and opened in Philadelphia on January 7, 1782.
Bank regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things.
Bank reserves are a commercial banks' holdings of deposits in accounts with a central bank (for instance the European Central Bank or the applicable branch bank of the Federal Reserve System, in the latter case including federal funds), plus currency that is physically held in the bank's vault ("vault cash").
A bank run (also known as a run on the bank) occurs when a large number of people withdraw their money from a bank, because they believe the bank may cease to function in the near future.
Bankers Trust was a historic American banking organization.
Barack Hussein Obama II (born August 4, 1961) is an American politician who served as the 44th President of the United States from January 20, 2009, to January 20, 2017.
A basis point (often denoted as bp, often pronounced as "bip" or "beep") is (a difference of) one hundredth of a percent or equivalently one ten thousandth.
The Beige Book, more formally called the Summary of Commentary on Current Economic Conditions, is a report published by the United States Federal Reserve Board eight times a year.
The Bipartisan Policy Center (BPC) is an American non-profit organization that combines the best ideas from both parties to promote health, security, and opportunity for all Americans.
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
Bloomberg L.P. v. Board of Governors of the Federal Reserve System, 1:2008cv09595, was a lawsuit by Bloomberg L.P. against the Board of Governors of the Federal Reserve System for disclosure of information about banks and other financial institutions that had borrowed from the Federal Reserve discount window during the United States housing bubble and ensuing financial crisis.
A board of directors is a recognized group of people who jointly oversee the activities of an organization, which can be either a for-profit business, nonprofit organization, or a government agency.
The Bureau of Engraving and Printing (BEP) is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is Federal Reserve Notes (paper money) for the Federal Reserve, the nation's central bank.
The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor.
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.
Central bank liquidity swap is a type of currency swap used by a country's central bank to provide liquidity of its currency to another country's central bank.
A certificate of deposit (CD) is a time deposit, a financial product commonly sold in the United States and elsewhere by banks, thrift institutions, and credit unions.
The Chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, which is the central banking system of the United States.
Charles L. Evans (born January 15, 1958) is the ninth president and chief executive officer of the Federal Reserve Bank of Chicago.
The Chicago plan was a collection of banking reforms suggested by University of Chicago economists in the wake of the Great Depression.
In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled.
Financial institutions use the clearing balance requirement (or settlement balances requirement) to describe the amount of money or balance which they anticipate will be required to perform their clearing services.
CNNMoney.com is a financial news and information website, operated by CNN.
Coins of the United States dollar were first minted in 1792.
In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan.
Commercial paper, in the global financial market, is an unsecured promissory note with a fixed maturity of not more than 364 days.
Commercial Paper Funding Facility (CPFF) was a system created by the United States Federal Reserve Board during the Global financial crisis of 2008 to improve liquidity in the short-term funding markets.
The Congress of the Confederation, or the Confederation Congress, formally referred to as the United States in Congress Assembled, was the governing body of the United States of America that existed from March 1, 1781, to March 4, 1789.
The Congressional Research Service (CRS), known as Congress's think tank, is a public policy research arm of the United States Congress.
A conspiracy theory is an explanation of an event or situation that invokes an unwarranted conspiracy, generally one involving an illegal or harmful act carried out by government or other powerful actors.
The consumer leverage ratio, a concept popularized by William Jarvis and Dr.
In regulatory jurisdictions that provide for this (a list including most or all developed countries with free market economies) consumer protection is a group of laws and organizations designed to ensure the rights of consumers, as well as fair trade, competition, and accurate information in the marketplace.
Core inflation represents the long run trend in the price level.
The Council of Economic Advisers (CEA) is a United States agency within the Executive Office of the President established in 1946, which advises the President of the United States on economic policy.
A currency (from curraunt, "in circulation", from currens, -entis), in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins.
Daniel K. Tarullo (born November 1952) is a former member of the Board of Governors of the United States Federal Reserve Board since January 28, 2009, in which capacity he served as the chairman of the Federal Financial Institutions Examination Council (FFIEC).
David Bruce Vitter (born May 3, 1961) is an American lobbyist, lawyer and politician who served as United States Senator for Louisiana from 2005 to 2017.
In economics, deflation is a decrease in the general price level of goods and services.
The Democratic Party is one of the two major contemporary political parties in the United States, along with the Republican Party (nicknamed the GOP for Grand Old Party).
Colloquially, a depository institution is a financial institution in the United States (such as a savings bank, commercial bank, savings and loan associations, or credit unions) that is legally allowed to accept monetary deposits from consumers.
The Depository Institutions Deregulation and Monetary Control Act of 1980 (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31.
In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies.
Dillon, Read & Co. was an investment bank based in New York City.
The discount window is an instrument of monetary policy (usually controlled by central banks) that allows eligible institutions to borrow money from the central bank, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions.
A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits.
The Dodd–Frank Wall Street Reform and Consumer Protection Act (commonly referred to as Dodd–Frank) was signed into United States federal law by US President Barack Obama on July 21, 2010.
Donald Lewis Kohn (born November 7, 1942) is an American economist who served as the former Vice Chairman of the Board of Governors of the Federal Reserve System.
The dot-com bubble (also known as the dot-com boom, the dot-com crash, the Y2K crash, the Y2K bubble, the tech bubble, the Internet bubble, the dot-com collapse, and the information technology bubble) was a historic economic bubble and period of excessive speculation that occurred roughly from 1997 to 2001, a period of extreme growth in the usage and adaptation of the Internet.
Early American currency went through several stages of development in colonial and post-Revolutionary history of the United States.
The Marriner S. Eccles Federal Reserve Board Building houses the main offices of the Board of Governors of the Federal Reserve System.
The Edge Act is a 1919 amendment to the United States Federal Reserve Act of 1913, codified at, which allows national banks to engage in international banking through subsidiaries chartered by the Board of Governors of the Federal Reserve System.
In economics, elasticity is the measurement of how an economic variable responds to a change in another.
The Emergency Economic Stabilization Act of 2008 (Division A of), commonly referred to as a bailout of the U.S. financial system, is a law enacted subsequently to the subprime mortgage crisis authorizing the United States Secretary of the Treasury to spend up to $700 billion to purchase distressed assets, especially mortgage-backed securities, and supply cash directly to banks.
The Employment Act of 1946 ch.
The Equal Credit Opportunity Act (ECOA) is a United States law (codified at et seq.), enacted 28 October 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
Eric S. Rosengren (born June 3, 1957) took office on July 23, 2007, as the thirteenth president and chief executive officer of the Federal Reserve Bank of Boston, serving the First District.
Esther L. George (born 1958) is president and chief executive of the Federal Reserve Bank of Kansas City.
Eurodollars are time deposits denominated in U.S. dollars at banks outside the United States, and thus are not under the jurisdiction of the Federal Reserve.
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the euro area, which consists of 19 EU member states and is one of the largest currency areas in the world.
Eustace Clarence Mullins Jr. (March 9, 1923 – February 2, 2010) was an antisemitic American writer, propagandist, Holocaust denier, and disciple of the poet Ezra Pound.
In banking, excess reserves are bank reserves in excess of a reserve requirement set by a central bank.
The Farm Credit System (FCS) in the United States is a nationwide network of borrower-owned lending institutions and specialized service organizations.
The "Fed model" is a theory of equity valuation that has found broad application in the investment community.
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions.
The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), passed during the savings and loan crisis in the United States, strengthened the power of the Federal Deposit Insurance Corporation.
In the United States, federal funds are overnight borrowings between banks and other entities to maintain their bank reserves at the Federal Reserve.
In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight, on an uncollateralized basis.
The Federal Home Loan Banks (FHLBanks, or FHLBank System) are 11 U.S. government-sponsored banks that provide reliable liquidity to member financial institutions (not individuals) to support housing finance and community investment.
The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under the United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United States Treasury securities).
The Federal Reserve Act (ch. 6,, enacted December 23, 1913) is an Act of Congress that created and established the Federal Reserve System (the central banking system of the United States), and which created the authority to issue Federal Reserve Notes (commonly known as the US Dollar) as legal tender.
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States.
The Federal Reserve Bank of Atlanta, (informally referred to as the Atlanta Fed and the Bank), is the sixth district of the 12 Federal Reserve Banks of the United States and is headquartered in midtown Atlanta, Georgia.
The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except Fairfield County.
The Federal Reserve Bank of Chicago (informally the Chicago Fed) is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank.
The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District.
The Federal Reserve Bank of Dallas covers the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico, a district sometimes referred to as the Oil Patch.
The Federal Reserve Bank of Kansas City is located in Kansas City, Missouri and covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexico.
The Federal Reserve Bank of Minneapolis, located in Minneapolis, Minnesota, in the United States, covers the 9th District of the Federal Reserve, which is made up of Minnesota, Montana, North and South Dakota, northwestern Wisconsin, and the Upper Peninsula of Michigan.
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States.
The Federal Reserve Bank of Philadelphia, also known as the Philadelphia Fed and the Philly Fed – headquartered at 10 N. Independence Mall West (N. 6th Street) at Arch Street, Philadelphia, Pennsylvania, with an additional entrance at N. 7th Street – is responsible for the Third District of the Federal Reserve, which covers eastern and central Pennsylvania, the nine southern counties of New Jersey, and Delaware.
The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia.
The Federal Reserve Bank of San Francisco (informally referred to as the San Francisco Fed) is the federal bank for the twelfth district in the United States.
The Federal Reserve Bank of St.
The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System.
The Federal Reserve Bulletin is a bulletin from the Federal Reserve Board started in 1914, intended as a vehicle to present policy issues.
Federal Reserve Deposits, also known as Federal Reserve Accounts, are deposits of gold or, later, Treasury Bills placed by United States banks with the Federal Reserve, the central bank.
Federal Reserve Economic Data (FRED) is a database maintained by the Research division of the Federal Reserve Bank of St. Louis that has more than 500,000 economic time series from 81 sources.
Federal Reserve Notes, also United States banknotes or U.S. banknotes, are the banknotes currently used in the United States of America.
The U.S. Federal Reserve Police is the law enforcement unit of the Federal Reserve System, the central banking system of the United States.
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 Federal Reserve of the United States gathers and publishes certain economic data and releases them as a Federal Reserve Statistical Release.
The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.
The Federal Reserve Transparency Act of 2015 was a bill introduced in the U.S. House of Representatives of the 114th United States Congress by Congressman Thomas Massie (KY-4).
The Federal Tort Claims Act (August 2, 1946, ch.646, Title IV,, and) ("FTCA") is a 1946 federal statute that permits private parties to sue the United States in a federal court for most torts committed by persons acting on behalf of the United States.
Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its more than 9,289 participants (as of March 19, 2009).
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value.
The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.
A financial market is a market in which people trade financial securities and derivatives such as futures and options at low transaction costs.
The President, Directors and Company, of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791.
A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries.
Fractional-reserve banking is the practice whereby a bank accepts deposits, makes loans or investments, but is required to hold reserves equal to only a fraction of its deposit liabilities.
Free banking is a monetary arrangement in which banks are subject to no special regulations beyond those applicable to most enterprises, and in which they also are free to issue their own paper currency (banknotes).
George Herbert Walker Bush (born June 12, 1924) is an American politician who served as the 41st President of the United States from 1989 to 1993.
George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd President of the United States from 2001 to 2009.
George Washington (February 22, 1732 –, 1799), known as the "Father of His Country," was an American soldier and statesman who served from 1789 to 1797 as the first President of the United States.
The Glass–Steagall legislation describes four provisions of the U.S.A Banking Act of 1933 separating commercial and investment banking.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
The Government Accountability Office (GAO) is a legislative branch government agency that provides auditing, evaluation, and investigative services for the United States Congress.
Government debt (also known as public interest, public debt, national debt and sovereign debt) is the debt owed by a government.
The Gramm–Leach–Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is an act of the 106th United States Congress (1999–2001).
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.
The Great Recession was a period of general economic decline observed in world markets during the late 2000s and early 2010s.
The "Greenspan put" refers to the monetary policy approach that Alan Greenspan, the former Chairman of the United States Federal Reserve Board, and other Fed members exercised from late 1987 to 2000.
Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.
HarperCollins Publishers L.L.C. is one of the world's largest publishing companies and is one of the Big Five English-language publishing companies, alongside Hachette, Macmillan, Penguin Random House, and Simon & Schuster.
Harvard University is a private Ivy League research university in Cambridge, Massachusetts.
This history of central banking in the United States encompasses various bank regulations, from early "wildcat" practices through the present Federal Reserve System.
This is a list of historical rate actions by the United States Federal Open Market Committee (FOMC).
The Home Mortgage Disclosure Act (or HMDA, pronounced HUM-duh) is a United States federal law that requires certain financial institutions to provide mortgage data to the public.
The Full Employment and Balanced Growth Act (known informally as the Humphrey–Hawkins Full Employment Act) is an act of legislation by the United States government.
Independent agencies of the United States federal government are those agencies that exist outside the federal executive departments (those headed by a Cabinet secretary) and the Executive Office of the President.
The Independent Treasury was the system for managing the money supply of the United States federal government through the U.S. Treasury and its sub-treasuries, independently of the national banking and financial systems.
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
Inflation targeting is a monetary policy regime in which a central bank has an explicit target inflation rate for the medium term and announces this inflation target to the public.
The interbank lending market is a market in which banks extend loans to one another for a specified term.
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed (called the principal sum).
The Creating International Banking Act of 1978 was a legislative act that brought all American branches of foreign banks and agencies under the jurisdiction of US banking regulations.
John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and banker who dominated corporate finance and industrial consolidation in the United States of America in the late 19th and early 20th centuries.
James Brian Bullard is the chief executive officer and 12th president of the Federal Reserve Bank of St. Louis, positions he has held since 2008.
James Madison Jr. (March 16, 1751 – June 28, 1836) was an American statesman and Founding Father who served as the fourth President of the United States from 1809 to 1817.
Jekyll Island is located off the coast of the U.S. state of Georgia, in Glynn County.
Jeremy Chaim Stein (born October 17, 1960) is the Moise Y. Safra Professor of Economics at Harvard University and an investment industry consultant.
Jerome Hayden "Jay" Powell (born February 4, 1953) is the 16th and current Chairman of the Federal Reserve, serving in that office since February 2018.
John Carroll Williams (born June 12, 1962) is the President and Chief Executive Officer of the Federal Reserve Bank of San Francisco.
John Davison Rockefeller Jr. (January 29, 1874 – May 11, 1960) was an American financier and philanthropist who was a prominent member of the Rockefeller family.
Kathryn Mary Elizabeth Dominguez (born November 26, 1960) is a Professor of Public Policy and Economics at the University of Michigan and is a nominee to be a Governor of the U.S. Federal Reserve System.
Kevin Maxwell Warsh (born April 13, 1970), is an American financier, lawyer, government official and academic.
Lael Brainard is a member of the U.S. Federal Reserve's Board of Governors where she serves as Chair of the Committees on Financial Stability, Federal Reserve Bank Affairs, Consumer and Community Affairs, and Payments, Clearing and Settlements.
Laurence Meyer (born March 8, 1944) is an economist and was a United States Federal Reserve System governor from June 1996 to January 2002.
Lawrence H. White (born November 27, 1954) is an American economics professor at George Mason University who teaches graduate level monetary theory and policy.
The Legal Tender Cases were a series of United States Supreme Court cases in the latter part of the nineteenth century that affirmed the constitutionality of paper money.
A lender of last resort (LOLR) is the institution in a financial system that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market and other facilities or sources have been exhausted.
A liquidity trap is a situation, described in Keynesian economics, in which, "after the rate of interest has fallen to a certain level, liquidity preference may become virtually absolute in the sense that almost everyone prefers cash holding a debt which yields so low a rate of interest."Keynes, John Maynard (1936) The General Theory of Employment, Interest and Money, United Kingdom: Palgrave Macmillan, 2007 edition, A liquidity trap is caused when people hoard cash because they expect an adverse event such as deflation, insufficient aggregate demand, or war.
The following reports on economic indicators are reported by United States government agencies.
Loretta J. Mester (born October 24, 1958) is President and CEO of the Federal Reserve Bank of Cleveland.
Louisiana is a state in the southeastern region of the United States.
Maiden Lane Transactions refers to three limited liability companies created by the Federal Reserve Bank of New York in 2008 as a financial vehicle to facilitate transactions involving three entities: the former Bear Stearns company as the first entity, the lending division of the former American International Group (AIG) as the second, and the former AIG's credit default swap division as the third.
Mainstream economics may be used to describe the body of knowledge, theories, and models of economics, as taught across universities, that are generally accepted by economists as a basis for discussion.
MarketWatch operates a financial information website that provides business news, analysis, and stock market data.
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.
The Mises Institute, short name for Ludwig von Mises Institute for Austrian Economics, is a tax-exempt educative organization located in Auburn, Alabama, United States.
In finance and economics, a monetary authority is the entity which controls the money supply of a given currency, often with the objective of controlling inflation or interest rates.
Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.
As money became a commodity, the money market became a component of the financial markets for assets involved in short-term borrowing, lending, buying and selling with original maturities of one year or less.
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets.
In economics, the money supply (or money stock) is the total value of monetary assets available in an economy at a specific time.
The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks, and created the United States National Banking System.
The national income and product accounts (NIPA) are part of the national accounts of the United States.
The National Monetary Commission was a study group created by the Aldrich-Vreeland Act of 1908.
Neel Tushar Kashkari.
Nelson Wilmarth Aldrich (November 6, 1841 – April 16, 1915) was a prominent American politician and a leader of the Republican Party in the United States Senate, where he served from 1881 to 1911.
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 charter, regulate, and supervise all national banks and thrift institutions and the federal branches and agencies of foreign banks in the United States.
An open market operation (OMO) is an activity by a central bank to give (or take) liquidity in its currency to (or from) a bank or a group of banks.
The Panic of 1873 was a financial crisis that triggered a depression in Europe and North America that lasted from 1873 until 1879, and even longer in some countries (France and Britain).
The Panic of 1893 was a serious economic depression in the United States that began in 1893 and ended in 1897.
The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a United States financial crisis that took place over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from its peak the previous year.
Patrick Timothy Harker (born November 19, 1958) is the President of the Federal Reserve Bank of Philadelphia.
Paul Adolph Volcker Jr. (born September 5, 1927) is an American economist.
Paul Moritz Warburg (August 10, 1868 – January 24, 1932) was an American banker born in Germany, and an early advocate of the U.S. Federal Reserve System.
The personal consumption expenditure (PCE) measure is the component statistic for consumption in gross domestic product (GDP) collected by the United States Bureau of Economic Analysis (BEA).
Peter Arthur Diamond (born, 1940) is an American economist known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s.
The President of the United States (POTUS) is the head of state and head of government of the United States of America.
A primary dealer is a firm that buys government securities directly from a government, with the intention of reselling them to others, thus acting as a market maker of government securities.
On March 17, 2008, in response to the subprime mortgage crisis and the collapse of Bear Stearns, the Federal Reserve announced the creation of a new lending facility, the Primary Dealer Credit Facility (PDCF).
A prime rate or prime lending rate is an interest rate used by banks, usually the interest rate at which banks lend to favored customers—i.e., those with good credit.
Privatization (also spelled privatisation) is the purchase of all outstanding shares of a publicly traded company by private investors, or the sale of a state-owned enterprise to private investors.
Raphael W. Bostic (born 1966) is an American economist and academic, who became the 15th President and CEO of the Federal Reserve Bank of Atlanta on June 5, 2017.
In economics, a recession is a business cycle contraction which results in a general slowdown in economic activity.
The Republican Party, also referred to as the GOP (abbreviation for Grand Old Party), is one of the two major political parties in the United States, the other being its historic rival, the Democratic Party.
A repurchase agreement, also known as a repo, RP, or sale and repurchase agreement, is a transaction concluded on a deal date tD between two parties A and B: If positive interest rates are assumed, the repurchase price PF can be expected to be greater than the original sale price PN.
The reserve requirement (or cash reserve ratio) is a central bank regulation employed by most, but not all, of the world's central banks, that sets the minimum amount of reserves that must be held by a commercial bank.
Richard Harris Clarida (born May 18, 1957) is an American economist, C. Lowell Harriss Professor of Economics and International Affairs at the School of International and Public Affairs at Columbia University and Global Strategic Advisor for PIMCO.
Robert Latham Owen Jr. (February 2, 1856July 19, 1947) was one of the first two U.S. senators from Oklahoma.
Robert Steven Kaplan (born 1957) is president and CEO of the Federal Reserve Bank of Dallas.
A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque).
The Second Bank of the United States, located in Philadelphia, Pennsylvania, was the second federally authorized Hamiltonian national bank in the United States during its 20-year charter from February 1816 to January 1836.
Securities market participants in the United States include corporations and governments issuing securities, persons and corporations buying and selling a security, the broker-dealers and exchanges which facilitate such trading, banks which safe keep assets, and regulators who monitor the markets' activities.
Stanley Fischer (סטנלי פישר; born October 15, 1943) is an Israeli American economist and former vice chairman of the Federal Reserve.
A state bank is generally a financial institution that is chartered by a state.
The United States subprime mortgage crisis was a nationwide banking emergency, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 – June 2009.
The Supreme Court of the United States (sometimes colloquially referred to by the acronym SCOTUS) is the highest federal court of the United States.
The Swiss National Bank (SNB) is the central bank of Switzerland, and is therefore responsible for the monetary policy of the nation of Switzerland and also for the issuing of Swiss franc banknotes.
In finance, systemic risk is the risk of collapse of an entire financial system or entire market, as opposed to risk associated with any one individual entity, group or component of a system, that can be contained therein without harming the entire system.
The Term Asset-Backed Securities Loan Facility (TALF) is a program created by the U.S. Federal Reserve (the Fed) to spur consumer credit lending.
The Term Auction Facility (TAF) is a temporary program managed by the United States Federal Reserve designed to "address elevated pressures in short-term funding markets." Under the program the Fed auctions collateralized loans with terms of 28 and 84 days to depository institutions that are "in generally sound financial condition" and "are expected to remain so over the terms of TAF loans." Eligible collateral is the same as that accepted for discount window loans and includes a wide range of financial assets.
The Term Securities Lending Facility (TSLF) is a 28-day facility managed by the United States Federal Reserve that offers Treasury general collateral (GC) (i.e., Treasury bills, notes, bonds and inflation-indexed securities) to the primary dealers in exchange for other program-eligible collateral.
The Carlyle Group is an American multinational private equity, alternative asset management and financial services corporation.
Thomas Jefferson (April 13, [O.S. April 2] 1743 – July 4, 1826) was an American Founding Father who was the principal author of the Declaration of Independence and later served as the third president of the United States from 1801 to 1809.
CFR Title 12 - Banks and Banking is one of fifty titles comprising the United States Code of Federal Regulations (CFR), containing the principal set of rules and regulations issued by federal agencies regarding banks and banking.
A transaction account, checking account, current account, demand deposit account, or share draft account (at credit unions) is a deposit account held at a bank or other financial institution.
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was signed into law by President George W. Bush on October 3, 2008.
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
The official measure of producer prices in the United States is called the Producer Price Index (PPI).
The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.
The United States Bullion Depository, often known as Fort Knox, is a fortified vault building located within the United States Army post of Fort Knox, Kentucky.
The United States Congress is the bicameral legislature of the Federal government of the United States.
A congressional committee is a legislative sub-organization in the United States Congress that handles a specific duty (rather than the general duties of Congress).
The U.S. Consumer Price Index (CPI) is a set of consumer price indices calculated by the U.S. Bureau of Labor Statistics (BLS).
The United States Court of Appeals for the Ninth Circuit (in case citations, 9th Cir.) is a U.S. Federal court with appellate jurisdiction over the district courts in the following districts.
The United States Court of Appeals for the Second Circuit (in case citations, 2d Cir.) is one of the thirteen United States Courts of Appeals.
The Department of the Treasury (USDT) is an executive department and the treasury of the United States federal government.
The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution since 1792.
The United States housing bubble was a real estate bubble affecting over half of the U.S. states.
The United States Mint is the agency that produces circulating coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion.
The Secretary of the Treasury is the head of the U.S. Department of the Treasury which is concerned with financial and monetary matters, and, until 2003, also included several federal law enforcement agencies.
The United States Senate is the upper chamber of the United States Congress, which along with the United States House of Representatives—the lower chamber—comprise the legislature of the United States.
A United States Treasury security is an IOU from the US Government.
The University of Michigan (UM, U-M, U of M, or UMich), often simply referred to as Michigan, is a public research university in Ann Arbor, Michigan.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington or D.C., is the capital of the United States of America.
William C. Dudley (born 1952) is the president of Federal Reserve Bank of New York and vice-chairman of the Federal Open Market Committee.
William Harold Greider (born August 6, 1936) is an American journalist and author who writes primarily about economics.
Thomas Woodrow Wilson (December 28, 1856 – February 3, 1924) was an American statesman and academic who served as the 28th President of the United States from 1913 to 1921.
The 1951 Accord, also known simply as the Accord, was an agreement between the U.S. Department of the Treasury and the Federal Reserve that restored independence to the Fed.
The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.
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